dchua1969
Long

Big in Japan - Bitcoin

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In trading, the recency bias / effect is when a trader focuses too heavily on his or her most recent trading decisions / trades and loses perspective on the bigger picture. In other words, when a trader has recency bias, they can't see the forest for the trees, so to speak.

Ask most people about their views on bitcoin             , most would tell you about its parabolic rise from cents to multiple thousands, making many people become millionaires in probably the shortest period of time.

So, the temptation to board the train is abnormally high as these "late comers" would deem it as an opportunity to get out of their debts or simply make more money, fast. While other countries are banning or imposing strict regulations on cryptocurrency, Japan , the contranian embraces it with open arms.

Always trade safely, use Stop Loss and follow your trading plan. All authors here are merely offering another perspective for reference, not to blindly follow. All the best !!!!
Comment: Hitting the 50% - 61.8% FIB level, do not rush to buy, wait as you can see selling is not done yet
Today, I called up IG Singapore to enquire about its CFD for cryptocurrency. I was not able to buy ETHUSD this morning. I was shocked to hear from the customer rep that currently, they are not taking in any more buy orders but SELLING is allowed. And this applies throughout IG worldwide. Does anyone has the same experience ?

Even the exchange is now taking longer than usual to do the verification. I wonder when the streets are getting interested in bitcoin or other cryptocurrency, one should take a back seat and analyse the whole situation. Not a collapse per se but perhaps an imminent correction is near. If it is, then it is a short opportunity for the prepared ones. Are you ready ?

Would love to hear what brokers are you guys using and how is the service thus far ? Thanks
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