BTC Bounce Is Great But Can We Continue? Find Out Now!
Updated
Hello Fellow Traders,
Markets are not supposed to go straight up, or straight down with no correction, or time to go side ways.
There are lots of areas where people enter the market and then the next phase is where they exit. As a whale that bought the recent dip, or 'dips' This is already a few ticks away from a 100% return on their trade. This is more than what any whale would want from a trade, and they will start to unload the initial investment to potentially look for a new entry. This will cause us to have a corrective wave down. This wave could last a week, or a month it can bring us to new lows or find support before that. It all depends on the market and buyers in the market. Yes we had alot of volume come in and a steady flow of buyers but I am still not convinced that we will be able to break through all the points of resistance that was once supporting BTC.
The mem pool is empty meaning not a lot of people are actually using bitcoin so at the moment its strictly speculative. Unless you have any other reasons to hold bitcoin, you should look to hedge against your position or go into tether.
Although the run up was cute, as a trader you need to ask yourself one question. Is this sustainable growth without a pull back? Can this continue? Would I risk money to test this theory?
My answer is no. So instead of wishing you would have exited when you were up, cut the euphoric bullshit and consider selling part of your position based on the following rules ;)
If your convinced bitcoin will go up 75% then sell 75% of your position.
If you think bitcoin will go up and not sure 50% go into cash @ 85%
If you think bitcoin will goto the moon - Go into cash and goto sleep for a week.
This is not trading advice, and should be used for educational purposes. If you find this or other charts useful please hit the like button. If you really find my chart useful please take the share link and share it with your friends.
Hope this helps.
-TheCryptAlpha
Markets are not supposed to go straight up, or straight down with no correction, or time to go side ways.
There are lots of areas where people enter the market and then the next phase is where they exit. As a whale that bought the recent dip, or 'dips' This is already a few ticks away from a 100% return on their trade. This is more than what any whale would want from a trade, and they will start to unload the initial investment to potentially look for a new entry. This will cause us to have a corrective wave down. This wave could last a week, or a month it can bring us to new lows or find support before that. It all depends on the market and buyers in the market. Yes we had alot of volume come in and a steady flow of buyers but I am still not convinced that we will be able to break through all the points of resistance that was once supporting BTC.
The mem pool is empty meaning not a lot of people are actually using bitcoin so at the moment its strictly speculative. Unless you have any other reasons to hold bitcoin, you should look to hedge against your position or go into tether.
Although the run up was cute, as a trader you need to ask yourself one question. Is this sustainable growth without a pull back? Can this continue? Would I risk money to test this theory?
My answer is no. So instead of wishing you would have exited when you were up, cut the euphoric bullshit and consider selling part of your position based on the following rules ;)
If your convinced bitcoin will go up 75% then sell 75% of your position.
If you think bitcoin will go up and not sure 50% go into cash @ 85%
If you think bitcoin will goto the moon - Go into cash and goto sleep for a week.
This is not trading advice, and should be used for educational purposes. If you find this or other charts useful please hit the like button. If you really find my chart useful please take the share link and share it with your friends.
Hope this helps.
-TheCryptAlpha
Note
Trades should have been taken at the bottom. Trade is in now impulsive wave that may send us over the topNote
Targets will be at the upper resistance lines 
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