tangman
Long

Crypto's bear could be ending

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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This inverse head & shoulders is going to attract a lot of investors.

The stock market is deflating and that money will gradually find new homes.

It's funny how during the bull market peak, I was irresponsibly adding large amounts of money. Now, it feels scary to add the same amount. Yet I'm about to buy ETH at $130 instead of $1000+.

Buying here, an amount that I plan never to see again. For me, crypto is a very long term play. I don't plan on reverting it to fiat dollars, ever. It's an ascension in terms of wealth storage. It's a hedge that fiat does not even exist 20, 40 years down the road.
Comment: My purchase of ETH at $130 was well timed. It is now $155 and appears to be climbing.

Bitcoin has flagged sideways. It is bullish, but not as bullish as ETH. This is good, as ETH's outperformance makes sense, given that ETH is a far more useful technology. Hopefully down the road we see some strength in other altcoins and other trading opportunities.

While I don't know what will happen next, I am inclined to just hold on for a while. In this next chart, you can see how price hugs the weekly 9 EMA (white line) during a strong trend. If I do feel like trading in and out, it might be with half or a third of the position.

Trade active: My plan is to sell ETH when it hits this triple resistance, around $190.

These markets move so fast however, that perfect entries and exits are hard to come by.

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