I've been schooled by the markets the past few days, I was mostly blind-sided by the break to 35k, and 99.99% of the world population cant see the 36k to 40k pump.
That was nuts.
I will be honest, I don't think I would have bought the breakout, and any longs I may have opened at 30k would be mostly closed at 35k. So if you are looking for analysis and understanding of how to trade this recent pump, or why it happened... I'm not the guy!!
There's 2 lessons here for todays vlog, one of them I'm just reminded of while typing this..
Lesson 1 = Always plan for a bullish scenario. When price comes to top of pattern, and you put on a short, plan out the long scenario also. Give both equal weight, if possible.
Lesson 2 = When the end of patterns come, things tend to pump up or down drastically. It didn't dump, so it was more likely to pump, especially when so much money is sitting on sideline watching.
Lastly, I had to rush my closing thoughts this vlog but the gist of it was we could be at the start of the FUD of a 2nd covid wave for traditional markets that will impact crypto if it gets traction.
I don't know where that can go or if it will have any significance, but it does hinder my bullishness of this pump. I'm wary of how seriously we will challenge 40k.
Shoutout to todays trading view ideas =@MarcPMarkets
=== TimeStamps === 0:00 = Welcome 0:30 = BTC 1 day 1:30 = 33k BREAK 2:15 = Hindsight Ascending Triangle 4:20 = Blindsided by pump 4:40 = Lessons 9:25 = Pump was FAST 11:00 = 20d of price in 2 hours 14:30 = 5 straight green 1d candles 15:00 = 2018 comparison 16:30 = @MarcPMarkets 19:20 = quick covid thoughts 19:30 = Closing words
Gravity will come into play.
It was Sunday / Sunday night for Europe and the USA.
Many in the northern hemisphere are on holiday (we'll know summer is quiet ! 🤫 not! )
WHO did the buying?
Asian Big money? Not good for them unless they make a trap
Retail? Panic buying with both spot placed as an "oh shit, I missed the dip" but this is my safety net.
Panic long trades?
A whale pump? Possible as it will hurt a lot of folks and profit was good.
Looking at it, it looks like a typical pump and dump - such a massive wick.
I think Retraction will be sharp and maybe to 15% or 20%. After.....?
Here's an interesting bit of math.
If BTC & most ALTs fall by 30% [to major support of around 27.5k BTC] BIG money is a 'happy bunny' because when it hits the 39.5k area it shows a volume profit return increase (sort of like ROI) of 43% - SO, for fund managers, this is very attractive.
And the beauty of it is - they don't have to do much work - retail when spooked will do it for them.
brutusmarkets
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Ok. No perspective whether we go high or lower. Certain guy on CT called ethereum to go higher meaning corn goes beyond here.
It was Sunday / Sunday night for Europe and the USA.
Many in the northern hemisphere are on holiday (we'll know summer is quiet ! 🤫 not! )
WHO did the buying?
Asian Big money? Not good for them unless they make a trap
Retail? Panic buying with both spot placed as an "oh shit, I missed the dip" but this is my safety net.
Panic long trades?
A whale pump? Possible as it will hurt a lot of folks and profit was good.
Looking at it, it looks like a typical pump and dump - such a massive wick.
I think Retraction will be sharp and maybe to 15% or 20%. After.....?
Here's an interesting bit of math.
If BTC & most ALTs fall by 30% [to major support of around 27.5k BTC] BIG money is a 'happy bunny' because when it hits the 39.5k area it shows a volume profit return increase (sort of like ROI) of 43% - SO, for fund managers, this is very attractive.
And the beauty of it is - they don't have to do much work - retail when spooked will do it for them.