BitcoinUpdated Weekly macd cross possible (see weekly graph) + Korea FUD
Broken main channel (see yellow trend lines), holding in lower channel of flag formation (see between green and yellow). ADX is picking up, but unfortunately DI is showing more sell side action anyway. So we need ADX to trend up and DI cross for me to be bullish.
To be honest I'm not sure I'm liking what is happening with the market at the moment. There was the flash crash yesterday on obviously fake news out of South Korea. Anyone that has bothered to look knows South Korea aren't outright banning crypto tomorrow. I'm surprised the market took such a hit though, it makes me wonder if market confidence is low. To be honest I waited until the market recovered from 600b to 700b, then I quickly reduced any non-core positions. Almost all of my short term positions have no been closed (read: coins I liked the TA but don't believe in long term). I can't believe I'm saying this but I've actually returned some money into AUD.
Since there may be some needed hodl'ing coming I thought it best to take a bit of coin out now. I will say this, I believe BTC can break up out of the bullflag (especially considering it's large drop in market domination lately) but simply put sometimes you have to hedge your bets. Bull market continuation will be confirmed with flag break up. If BTC does drop any further whole market will show red.
Remember if HODL'ing is coming BTC traditionally holds better than most of the market, new emerging players with substance (fully functional products) like VeChain, Wabi may hold better than speculative coins that have been on large runs lately. I also still have a play in ADA, though as it's still in the speculative region it could take a hit.
Whether the market goes up or down short term I'm a long term believer in crypto but it seems sensible to take a portion of profit out for now.
To be honest I'm not sure I'm liking what is happening with the market at the moment. There was the flash crash yesterday on obviously fake news out of South Korea. Anyone that has bothered to look knows South Korea aren't outright banning crypto tomorrow. I'm surprised the market took such a hit though, it makes me wonder if market confidence is low. To be honest I waited until the market recovered from 600b to 700b, then I quickly reduced any non-core positions. Almost all of my short term positions have no been closed (read: coins I liked the TA but don't believe in long term). I can't believe I'm saying this but I've actually returned some money into AUD.
Since there may be some needed hodl'ing coming I thought it best to take a bit of coin out now. I will say this, I believe BTC can break up out of the bullflag (especially considering it's large drop in market domination lately) but simply put sometimes you have to hedge your bets. Bull market continuation will be confirmed with flag break up. If BTC does drop any further whole market will show red.
Remember if HODL'ing is coming BTC traditionally holds better than most of the market, new emerging players with substance (fully functional products) like VeChain, Wabi may hold better than speculative coins that have been on large runs lately. I also still have a play in ADA, though as it's still in the speculative region it could take a hit.
Whether the market goes up or down short term I'm a long term believer in crypto but it seems sensible to take a portion of profit out for now.
Note
Well that was even worse than expected. Wish I had taken more money off now. As always in flash crashes BTC has held way better than the ALTS. Wish I'd taken more back to fiat now.If you have money on the markets we're in HODL'in time. Do not sell anything!!! At the same time I'm going to be cautious with my fiat and see where we're at on weekly open in 5 days.
I would expect this to all be a distant memory after lunar new years at the end of Feb.
In the meantime I think I need to learn forex.
Note
See my updated thoughts here, including daily downward wedge (hopefully to turn bullish), however I think it needs one more bear week first.twitter.com/TraderTristan/status/955395704653926400
Note
After flash crash and market hold last night (including looking like daily will close over the trend line in an hour). I'm back in on BTC. Hourly and 4 hourly charts looking good for at least a quick swing trade. So figure it's a relatively safe play in case BTC takes off a week earlier than expected.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.