A few days ago we mentioned there was a bullish signal at a resistance level that may be worth a few hundred points, but we were passing on the trade. Well 150 pts after the trigger signal, it failed and fell apart. Personally I do not mind buying breakouts but just finding signals and trading them most often lead to portfolio erosion. We want to trade out of support or specific types of breakouts not just any and every signal.
With that said Bitcoin' is slowly trending to the downside and unless we get to the 8500 to 8600 level I am not a buyer or trader here. However there is a potential trade setup with Monero that we posted which is in a better area for a positional or swing trade. Unless we break 9696 or pullback to the low 8600's we are simply in the "No Trade Zone". At least in my opinion and keep in mind I am a more conservative trader investor.
I haven't posted in a few days so I just wanted to provide an update as boring as it may be.
There is always a trade somewhere and there are several potential setups that look promising, unfortunately Bitcoin' is not one. Less than a month ago we could not post trades fast enough and now we are just patiently waiting for the market to determine direction and until then we remain neutral.
To the point there may be a lot of hype with buy buy buy, sell sell sell, but bottom line this market is boring right now and if your trading be careful it can go either direction. Patience is virtue and guessing is gambling. I'm sure I will get the usual "for more advance traders" and "I'm making a killing shorting". Good for you. These types of "hype" traders do not last long and their hype is larger than their stack 99.9% of the time.
With that said Bitcoin' is slowly trending to the downside and unless we get to the 8500 to 8600 level I am not a buyer or trader here. However there is a potential trade setup with Monero that we posted which is in a better area for a positional or swing trade. Unless we break 9696 or pullback to the low 8600's we are simply in the "No Trade Zone". At least in my opinion and keep in mind I am a more conservative trader investor.
I haven't posted in a few days so I just wanted to provide an update as boring as it may be.
There is always a trade somewhere and there are several potential setups that look promising, unfortunately Bitcoin' is not one. Less than a month ago we could not post trades fast enough and now we are just patiently waiting for the market to determine direction and until then we remain neutral.
To the point there may be a lot of hype with buy buy buy, sell sell sell, but bottom line this market is boring right now and if your trading be careful it can go either direction. Patience is virtue and guessing is gambling. I'm sure I will get the usual "for more advance traders" and "I'm making a killing shorting". Good for you. These types of "hype" traders do not last long and their hype is larger than their stack 99.9% of the time.
Comment:
Remember the BIG Hype about the "DEATH CROSS" formation. Yep it is sure is. A true portfolio Killer!! Beware of these types of so called indicators, they are set out there by the establishment to feed the herd fattening them for slaughter.
