Trading Bitcoin in the new Realities of 'Mainstream' When Reality Bites - How to Deal with it Dispassionately - or Miss up to 50% of all opportunities...trading for Adults in a grown-up world For those who like pattern spotting there have been three or four very good sell points off the Coinbase chart. Maybe 80% of the few people who read this will have Bull hats on, are inherent, full-on bulls. Only 10 to 20% will be bears. If one or the other we will miss 50% of all trading oppotunites, roughly. Who was looking for sell signals recently (after that RHS failure) ? No, because most of us are bulls we're only looking for positive signals. Try to be dispassionate about Bitcoin - that is not easy, being as we're humans. We're programmed to want to join the herd. A bison gets FOMO too, that's why he wants inside the herd and not out. Penguins too. But we are not penguins. We need to stop acting like one. Agreed? We need to be like doctors who will get sued for giving the wrong diagnosis, however bad that might be. The patient wants truth not platitudes. That's how we need to view Bitcoin. If we love it too much we cloud judgement and lose trade opportunities. So strive to be dispassionate. Or it will cost you roughly half of all opportunities. Look at the trail Bitcoin has left...get down off your horse and look...look how good those sells were on the breaks...how the first two break and then come back to retest the little dynamic from the underside and that's the sell with stops say 50 higher (never touched) and then look at the third and last arrow in the sequence - the market is moving fast at this point and there is no retest this time. And then the series of highs running right into the resistance line at 12472. Each was a fantastic near term opportunity to mine another 1000 points minimum out of this monster, and the last 2 breaks were 2000 points - that's 6000 points in breaks in 3 days. That is 60% of total value of Bitcoin right now. How crazy is that? You NEED to be Ok with shorting as well as going long to survive this market. You are not going to get every one, but half would have been good, very good. And look how simple the patterns are ! That ain't rocket science is it? One single line of dynamic support (upside doesn't really matter too much in a downtrend), we just need to get a line under the counter-rally - behaves very differently, obviously, in a slower market at top half of chart than in fast market where patterns are obscured in the noise more easily.
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Bitfinex feed Longer Term Key levels and break points
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Bitstamp Feed still best for Flag Spotters, Coinbase for levels at moment Coinbase for levels at moment
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