No I am not an anti BTC guy, I actually love cryptos as they trade like SVXY on steroids, so it's exciting and new, and a definite adrenaline rush for any person that loves the market. I have said this many times, I would trade Jelly Beans if there was a market and a graph. But as a trader you have to constantly adjust as information and the market moves. What you thought was definite one day failed the next. This is what we call sentimental trading. I will not go into a lecture, but BTC is sentimental to just about every one that trades this market. This is the Gold of metals. But we must as traders ignore what are feelings are telling us, ignore the news, tweets, and yes those dam whales I hear about on every blog and look at what the chart is telling us. We ignore them because the chart is telling us where the market is headed, not the news, world events or anything else. Some say ohh the news made it happen. Well no, it was going to happen anyways, and the news was really just a catalyst to push it where it was headed. How many were calling for a bubble? Look at MCO? News was saying one thing the chart said another. But regardless of news, whales, tweets etc, at some point every equity pulls back. I thought like many it was going to happen sooner, I was wrong, sorta, it appears the stars are aligning as sentiment is high, (even CNBC is covering it), and the pullback is set to begin. I say pullback because I do not think BTC is in a bubble. But pullbacks are healthy and required to move further up. It appears to be that time. I'm not selling out, I'm not telling you too. I simply have reduced to my core position, a position I never touch, never trade, and hold through all hell and back. I then use a certain amount of funds to trade around that core position to add free coins to it. I never want to be completely out when it runs, and I do not want to be all in when it drops, so money management is key. With that said, the party appears to be over, and I am getting ready for everyone to leave the house. It doesn't happen all at once, you have guests that leave early, then others start to leave, so they start saying their goodbye's. But we all have that friend(s) that just doesn't want to leave and never thinks the parties over. Well don't be that Friend!!! It's time to prepare for the inevitable. The graph couldn't be more clear, and though nothing is perfect, and we are not always right, we look for the most probable outcomes and prepare for the worst. BTC has had a great run as of late, and it has showed all the signs of topping out. I won't go into every detail but the evidence is pretty convincing just based on EW and Fibb. But more over the sentiment of traders. BTC to the moon, 5300 soon, and on and on. This is the time you prepare for the drop. Remember 2007 when the guy at 7 eleven was flipping houses? Ok this is that time.
I have a trader I follow on another site, and he posted a few good comparisons along with several outlooks on BTC. Keep in mind he does not believe like us, but traders don't need to believe in fundamentals, they could care less. All we need is a chart and our tools and we could trade jelly beans. If you that want additional reading - matrixtrade.com/btcusd/ Andrew is one of the best there is.
Thanks for reading, good luck in the pits today!
I have a trader I follow on another site, and he posted a few good comparisons along with several outlooks on BTC. Keep in mind he does not believe like us, but traders don't need to believe in fundamentals, they could care less. All we need is a chart and our tools and we could trade jelly beans. If you that want additional reading - matrixtrade.com/btcusd/ Andrew is one of the best there is.
Thanks for reading, good luck in the pits today!
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Disclaimer
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.