Today feels a lot like Feb 7ish. Many were waiting for 5500 and didn't board the train at 6000. At 6800 they were still waiting for it to retrace to their target. Some waited till 7.7k some till 8.4. Some longer.
Now with everyone expecting 8200 level to be tested or 7600, they didn't enter the massively oversold market at 8400 or 8700 and are now waiting for the king to turn downward again.
How long can you wait this time? Once 9600 is cleared many will hop on. some will wait for retrace from 10K-10.4K.
I hope it turns around and hits 8200 but the whales already accomplished their goal of accumulating big positions at prices near the feb 6 lows on many alts and the process of alt pumping has begun. Once they finish their upswings, BTC will dominate as wave 3 takes off and we will have a repeat of wave 1 drama that had many on sidelines wishing they were in bc they were waiting for a bottom $500 lower than the one we got.
Deja Vu?
Hope it works out for those waiting....bc I sold some of my pos at 9250 and want to get it back at lower not higher price. If you are all in fiat.. GL
Now with everyone expecting 8200 level to be tested or 7600, they didn't enter the massively oversold market at 8400 or 8700 and are now waiting for the king to turn downward again.
How long can you wait this time? Once 9600 is cleared many will hop on. some will wait for retrace from 10K-10.4K.
I hope it turns around and hits 8200 but the whales already accomplished their goal of accumulating big positions at prices near the feb 6 lows on many alts and the process of alt pumping has begun. Once they finish their upswings, BTC will dominate as wave 3 takes off and we will have a repeat of wave 1 drama that had many on sidelines wishing they were in bc they were waiting for a bottom $500 lower than the one we got.
Deja Vu?
Hope it works out for those waiting....bc I sold some of my pos at 9250 and want to get it back at lower not higher price. If you are all in fiat.. GL
Note
Thanks to a couple of great day trading calls by Sumastardom I was able to get out at top of bear flag and rebuy $400 cheaper with tight stop just $75 below. Hasn't been hit yet but given that the flag is breaking, looks like the stops will hit and I will be waiting along with all those patient traders who skipped this massive 15-30% alt bounce we just had.Question is, even if you think we are going lower than 8200, will you jump in for the bounce at the 61.8% retrace? I know I will.
Note
So playing the last bounce was profitable and we are coming up on another opportunity atm albeit a riskier one. If you are aggressive and can stay on top of the charts like a hawk then you should be playing this bounce expecting some of these oversold alts to bounce back somewhat as BTC comes off 8k to about 8500, maybe forming another bear flag as some analysts are predicting (I agree). If you are not as aggressive wait until 7500-7200ish 78.6% retrace that will result after this current flag forms and breaks down. Definitely play that one bc it could very well just be the bottom while this one seems like a pit stop. GL
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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.