BTC ETH LTC NEO PAY & OMG "What's in your Wallet" Part Deux
Updated
Since many of you follow the news, I want to show how I am looking to adjust my wallet going forward based on the China Syndrome. Now I don't trade on the news, but the news on China showed us something very interesting. Yes this should have hit your radar yesterday when we were tracking several coins like NEO, PAY and OMG. All three were in consolidation phases after the selloff, but then something interesting happened. The market spoke!!! Notice of all the coins above four out of the six have since recovered and are now trending bullish again. Why is this important? Well first we realize that selling our holdings on news can sometimes be painful. But secondly this wasn't just any news, it was huge news as most Countries are starting to look at how to regulate cryptos. As I stated before, I down played the news, and even wrote that China wants to be a LEADER of Technology not a follower. We hear often how countries are trying to handle this new change in technology with the SEC making statements, Russia, Europe and many others. But leaders do not talk they take action. China came out hard and swift which would be expected by, well, a leader! This sent shock waves through the market and many weak hands sold the news not understanding how this was just the first step in sorting out future winners. YES the thoroughbreds we want to own long term.
Well after tracking several coins yesterday all which were pretty much consolidating in the same pattern I was looking for a break out. Finally one did. OMG! Now of course BTC ETH and LTC (the true thoroughbreds that everyone is familiar with) turned bullish as well and they are #1-2-3 on our list. But what does this tell you about the others? OMG broke to the upside and held support while some we thought were powerhouses, like NEO and PAY, seemed to be sitting in their stalls.
This tells us something much more important then ok which one is next. It tells us where big money sees future winners.
If you have ever been to a Horse auction looking to buy a race horse, you go around from horse to horse, look at structure, muscle, temperament and lineage. They all look very similar at first glance, and as we were small time, did not have the money to hire the best trainers and horse experts to look them over, so we relied on the basics. So you pick a couple that you want to bid on and get ready for the auction. All of a sudden one of the horses starts getting a slew of bidders out of no where, when other horses were going for market average, slightly above or below. What did those big money horse owners see that I didn't. Yes I had it on my radar, but I thought there are other horses here that are cheaper and have a chance to be great, why spend all my money on that one? Two years later where was that freakin horse, that's right the Kentucky Derby! The same thing happened last night. The smart money came in and started buying future winners. These are the thoroughbreds we need to invest in. The chart does not lie! PAY and NEO are still getting going nowhere, and are testing the lower channel. What's this tell us. These are not thoroughbreds! These are long shots. I want to own what the smart money is buying, and the market has spoken. Though I know I am going to get a lot of flack on this, I'm thinking of looking at NEO and PAY to see if they belong in my wallet.
Yes in horse racing you hear once in a blue moon, "that guy bought that horse for $50,000" and it is a winner winner chicken dinner! But those are the exceptions and not the norm. This news event is positive news for cryptos, giving them validity which will allow larger players in. This event played right into Big money, who took the time to pick specific thoroughbreds that have the best chance of performing. I'm listening to what the market tells me not the News. And it is telling my once again, to look carefully, at "WHATS IN MY WALLET"
Well after tracking several coins yesterday all which were pretty much consolidating in the same pattern I was looking for a break out. Finally one did. OMG! Now of course BTC ETH and LTC (the true thoroughbreds that everyone is familiar with) turned bullish as well and they are #1-2-3 on our list. But what does this tell you about the others? OMG broke to the upside and held support while some we thought were powerhouses, like NEO and PAY, seemed to be sitting in their stalls.
This tells us something much more important then ok which one is next. It tells us where big money sees future winners.
If you have ever been to a Horse auction looking to buy a race horse, you go around from horse to horse, look at structure, muscle, temperament and lineage. They all look very similar at first glance, and as we were small time, did not have the money to hire the best trainers and horse experts to look them over, so we relied on the basics. So you pick a couple that you want to bid on and get ready for the auction. All of a sudden one of the horses starts getting a slew of bidders out of no where, when other horses were going for market average, slightly above or below. What did those big money horse owners see that I didn't. Yes I had it on my radar, but I thought there are other horses here that are cheaper and have a chance to be great, why spend all my money on that one? Two years later where was that freakin horse, that's right the Kentucky Derby! The same thing happened last night. The smart money came in and started buying future winners. These are the thoroughbreds we need to invest in. The chart does not lie! PAY and NEO are still getting going nowhere, and are testing the lower channel. What's this tell us. These are not thoroughbreds! These are long shots. I want to own what the smart money is buying, and the market has spoken. Though I know I am going to get a lot of flack on this, I'm thinking of looking at NEO and PAY to see if they belong in my wallet.
Yes in horse racing you hear once in a blue moon, "that guy bought that horse for $50,000" and it is a winner winner chicken dinner! But those are the exceptions and not the norm. This news event is positive news for cryptos, giving them validity which will allow larger players in. This event played right into Big money, who took the time to pick specific thoroughbreds that have the best chance of performing. I'm listening to what the market tells me not the News. And it is telling my once again, to look carefully, at "WHATS IN MY WALLET"
Note
Think, why year after year do you see the same owners at Churchill downs?
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