After a significantly bullish 2 weeks many were excited to see us test the upper trendline.
Unfortunately, we bounced off the lead 2 (Senkou Span B) on the daily leading to 24 hours of down-trend.
This is significant because it forces us back below the 50 period MA on the daily &
300 MA on the 4hr.
Why does that matter? It nullifies a huge bullish indicator.
It is likely that we see BTC mid 9k again, maybe lower depending on news and sentiment at that time.
The smart money is either waiting on the sidelines or trading very fucking smart moves, BE CAREFUL.
What about Alt coins?
There is a school of thought here that says we still have some consolidation of market cap.
Meaning that now is not the time to be in large Alt coin positions.
I have sold 75% of my Alt coin positions, small short-term losses for large long-term returns.
The key here is to watch the Global Market Cap on coinmarketcap,
aiming to reposition myself at an opportune moment in market cap (going up not down)
Remember that buying higher isn't necessarily a bad thing as we are aiming to make
$ profit, not to show off about how low we got in.
I will be updating this idea with a global market cap chart including trendline and target.
Unfortunately, we bounced off the lead 2 (Senkou Span B) on the daily leading to 24 hours of down-trend.
This is significant because it forces us back below the 50 period MA on the daily &
300 MA on the 4hr.
Why does that matter? It nullifies a huge bullish indicator.
It is likely that we see BTC mid 9k again, maybe lower depending on news and sentiment at that time.
The smart money is either waiting on the sidelines or trading very fucking smart moves, BE CAREFUL.
What about Alt coins?
There is a school of thought here that says we still have some consolidation of market cap.
Meaning that now is not the time to be in large Alt coin positions.
I have sold 75% of my Alt coin positions, small short-term losses for large long-term returns.
The key here is to watch the Global Market Cap on coinmarketcap,
aiming to reposition myself at an opportune moment in market cap (going up not down)
Remember that buying higher isn't necessarily a bad thing as we are aiming to make
$ profit, not to show off about how low we got in.
I will be updating this idea with a global market cap chart including trendline and target.
Comment:
Cough cough
Trade closed manually
If we do not get above the upper trend, in line with my Inv H&S, I expect a much steeper drop off.