" Man, I'm Pretty "“Now remember, I do my best work when I’m being worshiped as a god.” — Johnny Bravo.
Bitcoin king of crypto - doing it's best work, like the one man army it is!
Although it's as clear as day, crypto is here to stay - we have to be willing to see some wood through the trees. Every now and again, we need a pullback. I have written several articles around the "buying the dip" logic for a pullback, why people get into crypto and of course - a ton of educational content here around Elliott and Wyckoff. See related ideas below;
“So enough about me, let’s talk more about me.” — Johnny Bravo
You have to see the logic here and understand - that the market is taking a well earned rest, it will continue. However, you also need to appreciate the Composite man concept, is going to make life difficult for retail traders.
"Wanna see me comb my hair, really fast?” — Johnny Bravo
When working with Elliott waves - it's an obvious move here, confirmed with tools such as Weis wave to give clarity of times on such moves. Take a look at this in the image above. It's there and obvious.
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When the drop came - people where shocked, it really can't just go up forever and a day.
If you go back and analyse the Wyckoff structure - you will notice the Buyers climax linked to the sharp drop off in the Blockfi positions.
“Hey, Baby! Anybody ever tell you I have beautiful eyes?” — Johnny Bravo
You need to look at the bigger picture, the much bigger picture.
To the moon!!!
I wasn't actually meaning just the moon calls - I was meaning, the psychology for the drop, the reload and the go again scenario.
So although your all here waiting for Lambo's...
You will see that composite man want's nothing more than to take your money, he knows how to play the game and is busy playing it.
You might feel bored at the moment, jumping on every little move!
“I may be late honey, but I’m looking good.” — Johnny Bravo
So take a step back, wait for the market to give the confirmation.
“This won’t end well.” — Johnny Bravo - not for many retail traders, that is for sure!
So have a great weekend! Trade safe!!!
“Thank you, thank you very much.” — Johnny Bravo
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
