BTC has now been in the highlighted box of less than 2K for almost a month now so whereas before it was oscillating wildly, now it is narrow and effectively drifting sideways.
Then comes the question - is this consolidation and accumulation, or is this trend weakening and preparing for distribution? 🤔
And this is a conundrum that BTC is excellent at presenting new permutations of this question and throwing the majority off the scent.
Lets look back to the 2018 bottom briefly and take a look at what happened.
Notice the key structure - it is a descending channel. This was the final correction wave before BTC would then take off.
And events won't repeat because this is a challenging and exotic game that BTC presents, but hopefully you can see why I've picked this out? 🤔
It is because it is the opposite shape of channel to what BTC is in currently - an ascending channel.
And for that reason I think there is a good chance that the opposite effect will be realised and BTC will fall.
Nothing is certain of course and this is always a percentages game.
But by taking an analysis of BTC and also seeing across the way the indexes also have a similar percentage chance of failure, then the odds are in favour.
...
Now - this sideways movement has been great for some alts especially lower rankers that have had some impulsive moves, but a lot of the higher rank coins are now looking corrective and so thats why I have now entirely exited most positions.
APE was looking hot until late July but since then has formed a very corrective doming pattern. In the early trend it jutted sharply but this smooth incline and decline is not good, it will probably fall sharply at some point when its done drifting could lose as much as 50% in retracement if it gets back to my accumulation band.
UNI slightly different but again the corrective movement was quite bouncy and jutted to begin with and although it has has impulse to its recent top, the corrective movements are now very shallow.
And as for my position, well I have mostly exited now and UNI can perhaps go higher but its all about choice of strategy. In my strategy I take profit especially when I can see trouble on the horizon. I may have exited some positions early but I don't mind
1) because I got in early
2) because there's always another trade to make down the road.
I know I did say I would hodl. I really wanted to be part of hodl club but I guess I just dont fit in 😸.
In the strategy I use I look for extremities that move with the overall dominant trend of connected markets. And so those opportunities are now in shorting overbought stocks that will get dragged down by indexes if they fall - and those that are short - mid term happen to be in the financial and airline sectors - CBU WFC HON and BA are my picks so far and I may add more next week. And I did think I would just leave my alts alone but in the end it wasn't too much bother to close them.
The point is that I get asked why I would risk exiting my positions and have even been accused of "over monitoring" - effectively wasting my time short term trading crypto, but if you followed the explanation - what I'm doing is following the overarching dominant trend of markets when I buy or sell. If luck isn't on my side and alts continue to boom; I dont mind because my strategy makes profit without the need for luck to throw me an extra nickel. I move with flow not greed and I get a great night's sleep.
Not advice.
Then comes the question - is this consolidation and accumulation, or is this trend weakening and preparing for distribution? 🤔
And this is a conundrum that BTC is excellent at presenting new permutations of this question and throwing the majority off the scent.
Lets look back to the 2018 bottom briefly and take a look at what happened.
Notice the key structure - it is a descending channel. This was the final correction wave before BTC would then take off.
And events won't repeat because this is a challenging and exotic game that BTC presents, but hopefully you can see why I've picked this out? 🤔
It is because it is the opposite shape of channel to what BTC is in currently - an ascending channel.
And for that reason I think there is a good chance that the opposite effect will be realised and BTC will fall.
Nothing is certain of course and this is always a percentages game.
But by taking an analysis of BTC and also seeing across the way the indexes also have a similar percentage chance of failure, then the odds are in favour.
...
Now - this sideways movement has been great for some alts especially lower rankers that have had some impulsive moves, but a lot of the higher rank coins are now looking corrective and so thats why I have now entirely exited most positions.
APE was looking hot until late July but since then has formed a very corrective doming pattern. In the early trend it jutted sharply but this smooth incline and decline is not good, it will probably fall sharply at some point when its done drifting could lose as much as 50% in retracement if it gets back to my accumulation band.
UNI slightly different but again the corrective movement was quite bouncy and jutted to begin with and although it has has impulse to its recent top, the corrective movements are now very shallow.
And as for my position, well I have mostly exited now and UNI can perhaps go higher but its all about choice of strategy. In my strategy I take profit especially when I can see trouble on the horizon. I may have exited some positions early but I don't mind
1) because I got in early
2) because there's always another trade to make down the road.
I know I did say I would hodl. I really wanted to be part of hodl club but I guess I just dont fit in 😸.
In the strategy I use I look for extremities that move with the overall dominant trend of connected markets. And so those opportunities are now in shorting overbought stocks that will get dragged down by indexes if they fall - and those that are short - mid term happen to be in the financial and airline sectors - CBU WFC HON and BA are my picks so far and I may add more next week. And I did think I would just leave my alts alone but in the end it wasn't too much bother to close them.
The point is that I get asked why I would risk exiting my positions and have even been accused of "over monitoring" - effectively wasting my time short term trading crypto, but if you followed the explanation - what I'm doing is following the overarching dominant trend of markets when I buy or sell. If luck isn't on my side and alts continue to boom; I dont mind because my strategy makes profit without the need for luck to throw me an extra nickel. I move with flow not greed and I get a great night's sleep.
Not advice.
Comment:
LIKE / COMMENT and more TV'ers get to see what I'm doing 🔭
Bull Market Group 🐂
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Make gains, learn technicals 🚀.
$50 per month 👍🏻.
Contact: t.me/dRends35
Priority trades, round the clock updates and a 1 hour technical video per week 😼.
Make gains, learn technicals 🚀.
$50 per month 👍🏻.
Contact: t.me/dRends35
