BTC - Watch out for the next Bitcoin correction
Even though I have got a good trade from 47k to 55k as published in the previous post, right now I still have the feeling of FOMO when BTC is at 57k right now. The overwhelming euphoria in this market is, indeed, making me nervous. Crypto-Fear-&-greed Index has been hitting 90s and even any idiot could easily make money right now. And at the time when people think the market is doing extremely good, it is usually the time for a correction, especially in the crypto market. If history ever rhymes, I think BTC is about to have another correction ahead.
Referencing the last bull year 2017, I think we are about to face a strong resistance zone at 60k-62k (and another at ~68k). I imagine that, if this actually turns out to be a local top, we are gonna have a 30%-40% correction dragging the price down to 40k zone. This 40k-
42K zone, in fact, appears to be a strong support zone right now, because of:
1. Previous local top
2. Kijun line of the double Ichimoku
3. R3 monthly Pivot
By all means, this is NOT a post suggesting shorting the market. As an Ichimoku supporter, man don't short when price is above the cloud. Through this post, I want to suggest that man should refrain his euphoria and put himself in a position that can weather a strong correction. The best things to do right now, in my humble opinion, are 1) to book some profits and 2) to have some percentage in cash for buying a potential ~30% dip.
Not financial advice. Have fun trading.
Referencing the last bull year 2017, I think we are about to face a strong resistance zone at 60k-62k (and another at ~68k). I imagine that, if this actually turns out to be a local top, we are gonna have a 30%-40% correction dragging the price down to 40k zone. This 40k-
42K zone, in fact, appears to be a strong support zone right now, because of:1. Previous local top
2. Kijun line of the double Ichimoku
3. R3 monthly Pivot
By all means, this is NOT a post suggesting shorting the market. As an Ichimoku supporter, man don't short when price is above the cloud. Through this post, I want to suggest that man should refrain his euphoria and put himself in a position that can weather a strong correction. The best things to do right now, in my humble opinion, are 1) to book some profits and 2) to have some percentage in cash for buying a potential ~30% dip.
Not financial advice. Have fun trading.
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