I've been surprised that BTC has gone so far without any real pullback.
I've been scalping long but haven't taken nearly as much as I should from the markets since I was cautiously expecting a pullback and have not held my winners as long as I should have.
It is now forming a large rejection wick on the week chart which means it it probably getting ready for the pullback I've been waiting for.
It may take a month or two for it to play out. Maybe the 2nd half of August. When it does and forms a rejection wick to the downside I will be getting in long with large size.
I think this is a bad place to be making any trades other than tiny intraday scalps because it is likely to start a large choppy countertrend move.
I also think that since all the pundits are talking about $100k bitcoin and the like that this is about the point in the cycle where the sheep buy at the top. So, I would really be VERY CAUTIOUS with this market and only trade with tight stops if at all.
I've been scalping long but haven't taken nearly as much as I should from the markets since I was cautiously expecting a pullback and have not held my winners as long as I should have.
It is now forming a large rejection wick on the week chart which means it it probably getting ready for the pullback I've been waiting for.
It may take a month or two for it to play out. Maybe the 2nd half of August. When it does and forms a rejection wick to the downside I will be getting in long with large size.
I think this is a bad place to be making any trades other than tiny intraday scalps because it is likely to start a large choppy countertrend move.
I also think that since all the pundits are talking about $100k bitcoin and the like that this is about the point in the cycle where the sheep buy at the top. So, I would really be VERY CAUTIOUS with this market and only trade with tight stops if at all.
Comment:
Week candle now red meaning bulls have not been able to hold the line.
Comment:
I forgot I can short this on kraken so I've been scalping short here and there. I am really not very interested on longs until btc sees some pain. The volatility is high enough that if a long scalp presents itself I might take it but overall I have a short bias.
Weekly candle is close to turning red with a huge wick on top. If I had an account capable of shorting BTC I would be looking to use the wick top as a stop. As it is I am just going to wait for BTC to roll around and buy it up in a few weeks or months and in the mean time focus on other markets.