Bitcoin / TetherUSShort
There's a bad moon on the rise
I've decided to highlight two important points in this chart.
Firstly, we are following the 'new moon, bloody moon' thesis again to a T. It doesn't show on the daily chart yet but the new moon was on Sep 6th. The massive sell-off was triggered almost exactly at that point. This was timed perfectly with the El Salvador BTC rollout. Coincidence or destiny?
Even Bloomberg is saying "Bitcoin had a rough Tuesday, slumping almost 10% on a day that should have been cause for a celebratory rally".
Really Bloomberg? Do you not know how this market works? Every market - but especially this one - prescribes to the Greater Fool theory.
The whole world knew this was coming for weeks. Who was left to buy the night before the rollout, except for the last unlucky people who were inundated with media articles promising them an anticipated pump?
I'm sorry if you were one of those people that got caught up in this dump. I have been duped before as well by this market, several times in fact. The important thing is to learn from what happened by training your mind to resist the emotional pull that automatically triggers during each phase of the market cycle.
This time, when others were euphoric I was ready to short. On the macro scale I will next be looking for that time when others are so bearish that the bulls are afraid. We are as yet far from that moment, so proceed with caution if you choose to long in the meantime.
Have a keen eye. Look at things like volume, price expansion/contraction, RSI... even something as seemingly random as moon phases which, for whatever reason have developed a recurring pattern with an almost 3/4 success rate. Look at charts, get lots of expert's opinions and aggregate all of this information into your research before making a decision on how to trade.
The second thought I'd like to quickly go over is how the .272 extension from initial downside impulses seems like an important profit-taking zone before an oppositional wave can start. I do believe the top is in for awhile, so as long as we do not cross far above the .618 retracement of this impulse again I will be holding my short into the low 30s at least.
On my secondary account however I will be looking to swing trade a quick long on one or two of my go-to alt coins once BTC reaches the 40k zone. It is possible that we drop as low as the $39,020 monthly resistance zone and turn it into support before we get our wave 2 impulse to the upside.
Look for bottoming signs somewhere in that range and then play the bounce accordingly.
Firstly, we are following the 'new moon, bloody moon' thesis again to a T. It doesn't show on the daily chart yet but the new moon was on Sep 6th. The massive sell-off was triggered almost exactly at that point. This was timed perfectly with the El Salvador BTC rollout. Coincidence or destiny?
Even Bloomberg is saying "Bitcoin had a rough Tuesday, slumping almost 10% on a day that should have been cause for a celebratory rally".
Really Bloomberg? Do you not know how this market works? Every market - but especially this one - prescribes to the Greater Fool theory.
The whole world knew this was coming for weeks. Who was left to buy the night before the rollout, except for the last unlucky people who were inundated with media articles promising them an anticipated pump?
I'm sorry if you were one of those people that got caught up in this dump. I have been duped before as well by this market, several times in fact. The important thing is to learn from what happened by training your mind to resist the emotional pull that automatically triggers during each phase of the market cycle.
This time, when others were euphoric I was ready to short. On the macro scale I will next be looking for that time when others are so bearish that the bulls are afraid. We are as yet far from that moment, so proceed with caution if you choose to long in the meantime.
Have a keen eye. Look at things like volume, price expansion/contraction, RSI... even something as seemingly random as moon phases which, for whatever reason have developed a recurring pattern with an almost 3/4 success rate. Look at charts, get lots of expert's opinions and aggregate all of this information into your research before making a decision on how to trade.
The second thought I'd like to quickly go over is how the .272 extension from initial downside impulses seems like an important profit-taking zone before an oppositional wave can start. I do believe the top is in for awhile, so as long as we do not cross far above the .618 retracement of this impulse again I will be holding my short into the low 30s at least.
On my secondary account however I will be looking to swing trade a quick long on one or two of my go-to alt coins once BTC reaches the 40k zone. It is possible that we drop as low as the $39,020 monthly resistance zone and turn it into support before we get our wave 2 impulse to the upside.
Look for bottoming signs somewhere in that range and then play the bounce accordingly.
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