One of the mistakes that traders make is that they give into Emotions while on a trade. This makes them to make silly descisions like buying at the top and selling at the bottom
After the price of Bitcoin rallied to the upside and made a gain of about 40%, traders and investors naturally increased their buying pressure, which obviously is wrong and would lead to a lot of drawdown or money lossess.
As I write this, the market is currently sitting in a consolidation. Traders that bought at the top are worried about whether there would be another bullrun, sellers are floating in heavy net-loss while the individuals and institutions that make money are building up positions to MAX their profits. We as traders are to wait for the right time to execute in alignment with the "big players".
Naturally, I want to see the Buyside taken out first, more euphoria will then come into the market, which equals more traders longing at the top. If that should happen, then a huge expansion to the downside with ensue, leaving those that are long in loss and those that sold initially to be at a realized loss.
After the price of Bitcoin rallied to the upside and made a gain of about 40%, traders and investors naturally increased their buying pressure, which obviously is wrong and would lead to a lot of drawdown or money lossess.
As I write this, the market is currently sitting in a consolidation. Traders that bought at the top are worried about whether there would be another bullrun, sellers are floating in heavy net-loss while the individuals and institutions that make money are building up positions to MAX their profits. We as traders are to wait for the right time to execute in alignment with the "big players".
Naturally, I want to see the Buyside taken out first, more euphoria will then come into the market, which equals more traders longing at the top. If that should happen, then a huge expansion to the downside with ensue, leaving those that are long in loss and those that sold initially to be at a realized loss.
Note
Price have taken out the early sellers and also inducing new longsI will wait for more information as to when to shor the market
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.