Bitcoin 11 may 2023
Updated
I sold my entire spot portfolio. why? because I see several bad signals
1. it's the meme coins pump and the most important one we have is PEPE who made 1,000,000% before listing on CEX and after listing on CEX another 20-30x. Everyone is happy especially new market entrants, lots of noise, looking for new meme tokens in the end on which they will lose money. As time shows at the end of cycles always pump the most useless tokens (meme) you can see on the chart pump DOGE and Shiba Inu.
2. We have reached my time cycles, as I said in November 2021 that we will have growth until April-May. today it is May 11 and we have been moving in a flat for a month. Yes you can interpret this as accumulation since altcoin season hasn't happened yet. Bitcoin's dominance was rising. But these two factors were enough to close my spot altcoin positions, which kept falling during the month.
3. The correction with world indices I will write about it in the next post, if in two words there is a place to fall.
4. Weekly chart looks bad
Frankly speaking, for the last month I was waiting for liquidity (yellow box), but we have not reached it, and I would not be surprised if we reach these points and then go down fast (let's get all sotop loss and liquidation of short positions, which we gained last month)
I expect the correction downwards, in August-September I think there will be a local bottom from which we will start the growth
1. it's the meme coins pump and the most important one we have is PEPE who made 1,000,000% before listing on CEX and after listing on CEX another 20-30x. Everyone is happy especially new market entrants, lots of noise, looking for new meme tokens in the end on which they will lose money. As time shows at the end of cycles always pump the most useless tokens (meme) you can see on the chart pump DOGE and Shiba Inu.
2. We have reached my time cycles, as I said in November 2021 that we will have growth until April-May. today it is May 11 and we have been moving in a flat for a month. Yes you can interpret this as accumulation since altcoin season hasn't happened yet. Bitcoin's dominance was rising. But these two factors were enough to close my spot altcoin positions, which kept falling during the month.
3. The correction with world indices I will write about it in the next post, if in two words there is a place to fall.
4. Weekly chart looks bad
Frankly speaking, for the last month I was waiting for liquidity (yellow box), but we have not reached it, and I would not be surprised if we reach these points and then go down fast (let's get all sotop loss and liquidation of short positions, which we gained last month)
I expect the correction downwards, in August-September I think there will be a local bottom from which we will start the growth
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