If you didn't get a chance to read my idea from April 26th, 2021 - go ahead and do so.
The past three weeks offered great opportunities to short BTC or just make use of some small rallies.
Take a look at my chart: The orange lines display the 4hr levels. We did touch and test the levels mentioned in my previous idea and right now what could follow are small upward rallies (usually after a first touch of a support level), followed by a further decline (once a resistance level is tested). Remember that small upward rallies for BTC are 5 to 10% - this does not mean that the downtrend is over. Take a look at the past bear phase from 2017/2018 and how many times price rallies occured during an overall downtrend - everything is fractal.
I had pointed out in my previous idea that many retail investors might cause the next downtrend and so they did. What usually follows is whales unloading huge amounts of BTC, selling them to the broad mass, just to buy back in later at a bargain. Companies like Grayscale, Microstrategy only post when they have bought #BTC at 43K, but obviously they won't tell you that they sold #BTC at 60K and along the way up. Truth is that they have to make money and cannot simply #hodl.
Since the crypto space is not regulated, many big institutions use this as an opportunity for market manipulation without any legal repercussions.
I also suggested two options for holders or interested buyers in my previous idea. Always use fractions of your available account size - never go all in!
Right now I would wait for a definite hint that the downtrend has reached its climax - don't force trades or you will get burnt. If you are just trying to scalp/daytrade, then you can also make profits during a downtrend (use daily levels for that).
-This is no financial advice-
For transparency: I am currently only invested in $PUNDIX with 1/10 of my account size and have been able to average down my initial buy in, by using buffer cash.
The past three weeks offered great opportunities to short BTC or just make use of some small rallies.
Take a look at my chart: The orange lines display the 4hr levels. We did touch and test the levels mentioned in my previous idea and right now what could follow are small upward rallies (usually after a first touch of a support level), followed by a further decline (once a resistance level is tested). Remember that small upward rallies for BTC are 5 to 10% - this does not mean that the downtrend is over. Take a look at the past bear phase from 2017/2018 and how many times price rallies occured during an overall downtrend - everything is fractal.
I had pointed out in my previous idea that many retail investors might cause the next downtrend and so they did. What usually follows is whales unloading huge amounts of BTC, selling them to the broad mass, just to buy back in later at a bargain. Companies like Grayscale, Microstrategy only post when they have bought #BTC at 43K, but obviously they won't tell you that they sold #BTC at 60K and along the way up. Truth is that they have to make money and cannot simply #hodl.
Since the crypto space is not regulated, many big institutions use this as an opportunity for market manipulation without any legal repercussions.
I also suggested two options for holders or interested buyers in my previous idea. Always use fractions of your available account size - never go all in!
Right now I would wait for a definite hint that the downtrend has reached its climax - don't force trades or you will get burnt. If you are just trying to scalp/daytrade, then you can also make profits during a downtrend (use daily levels for that).
-This is no financial advice-
For transparency: I am currently only invested in $PUNDIX with 1/10 of my account size and have been able to average down my initial buy in, by using buffer cash.
Comment:
32K touched :-)
Comment:
30K touched :-)
Comment:
Small Upward Rally touched 42K level - Completed