As we are reaching to the top of the trading range, FOMO is kicking in, but remember at 29k, we were all expecting to go down. Same goes here, we are all expecting to go up, yet we are still in the trading range.
It's important to hold on to your feelings now and stick with the plan or you risk buying the top.
Next levels i'm watching are:
40.841 - Top of trading range set by Automatic Rally 41.330 - Upthrust June High 43.988 - This is the definition of bear market at 200MA
Breakout will be above 41.330 and i'm planning to buy above this level with 15% of my portfolio, leaving 85% for a possible pull back from 43.988. This could be a rally to the death cross (200MA & 128MA), i'm always being cautious. I'll increase my position above 44k.
Hold on, it did not happen and may not happen.
Comment
⋅
BTW, although not directly related, but an important event happening at August 4th. The hard fork of Ethereum. It will take a long time to transition from POW to POS, but hard forks bring uncertainity and investors (like us) don't like that. Since ethereum is an important part of the ecosystem, it can impact bitcoin in two ways:
1- The rally to the death cross following a crash with the hard fork 2- Money moving from ethereum to Bitcoin
thank you soo much for reminding to not be FOMO...your post is really a big help to newbie like me...^_^
BitcoinMillio18
⋅
@nazna11, here's how i deal with FOMO. I don't leave money on the exchange and withdraw to my bank account, buy stable funds. In order to buy Bitcoin, i have to 1- sell the funds > 2- make wire transfer > 3- buy stable coin > 4- buy Bitcoin. That means i need to think and act 4 times before i buy :) Make sure you buy the breakout, it will retest the support and give a second entry chance.
nazna11
⋅
@BitcoinMillio18 thank you so much for the tips... i got fomo always but now i am learning... everytime i feel it is time to buy i just say the motto.. "what goes up comes down" and learn to wait for the retest...😊😊😊
I am a newb. Reading your posts have helped me understand so much intricate stuff (mostly how to separate my feelings from buying) and avoid tedious trial and error (for a while I thought I had a gambling problem!). I really appreciate you taking the time to share your experience with everyone Bitcoinmillio18! Oh Yeah, and I finally don't feel like I have to lose sleep (I can finally make a quick definite plan and move on)...life feels normal again.