The Good The Bad The Ugly & Is there still hope? BTC 11.25.19
The Good The Bad The Ugly & Is there still hope?
The Good
The good is that we all had a nice short this week and managed to lock in some profits
The Bad
Is that I closed early because of a rookie mistake and we didn't fully take advantage of this savage red dildo of mass destruction. I'm currently waiting on the sideline allowing this market to settle down as it currently does not make any sense for me to enter the market at all.
Last weeks move somewhat reminded me of the giant pump that we experienced about 5 weeks ago as Bitcoin ignored all levels of resistance and it just keep going and going and going. The difference between this move and the last pump is 1. one was obviously a pump vs the other was a dump but I'm more referring to the candle stick formation as this week we closed with a bearish engulfing .
The Ugly
We closed with a bearish engulfing candle:
Below Weekly level of support at $7,350
Below 61.8 FIB
Below 100 W MA & 50 W MA
Below our solid black trend-line
If we are unable to push ABOVE the Weekly Resistance & 61.8 FIB ($7,350) then we can expect retest of the $6400-$6500 region or even a possible further mud slide toward our next channel which is at $5,600. If you look at my green circles its quite obvious that price tends to move fairly quick in the BLUE Zone.
Is There Still Hope?
Of course, we are still trading within our gray channel and we need a clean close above $7,350 and we still have a possible 100 & 50 W MA crossover that could potentially push our prize towards the top of our gray channel at about $8,500
As much as most of you guys dont want to hear this in my opinion the best thing to do at the moment is sit on the sideline ( probably for about a week or 2) and protect our capital and not try to FOMO into any move. Patience is KEY
Am i upset that i dumped Fiat into the market?
Absolutely not...! I got in at about $7,500 and the price is already at $7,250
In a perfect world you would want to obviously predict the absolute TOP & BOTTOM of every market cycle but unfortunately thats not how things work. Both Traders and Investors are NOT always right and never will be. Ive said that multiple times and I will say it again The USD value of my portfolio does not matter. I'm in this game to continue stacking more sats as eventually there will be a time where we will no longer need to think about converting our crypto over to USD.
Fun Fact of the Day
If you would invest $20 every week since the beginning of the year you would still be up %50+
#LongTermVision Cheers!
The Good
The good is that we all had a nice short this week and managed to lock in some profits
The Bad
Is that I closed early because of a rookie mistake and we didn't fully take advantage of this savage red dildo of mass destruction. I'm currently waiting on the sideline allowing this market to settle down as it currently does not make any sense for me to enter the market at all.
Last weeks move somewhat reminded me of the giant pump that we experienced about 5 weeks ago as Bitcoin ignored all levels of resistance and it just keep going and going and going. The difference between this move and the last pump is 1. one was obviously a pump vs the other was a dump but I'm more referring to the candle stick formation as this week we closed with a bearish engulfing .
The Ugly
We closed with a bearish engulfing candle:
Below Weekly level of support at $7,350
Below 61.8 FIB
Below 100 W MA & 50 W MA
Below our solid black trend-line
If we are unable to push ABOVE the Weekly Resistance & 61.8 FIB ($7,350) then we can expect retest of the $6400-$6500 region or even a possible further mud slide toward our next channel which is at $5,600. If you look at my green circles its quite obvious that price tends to move fairly quick in the BLUE Zone.
Is There Still Hope?
Of course, we are still trading within our gray channel and we need a clean close above $7,350 and we still have a possible 100 & 50 W MA crossover that could potentially push our prize towards the top of our gray channel at about $8,500
As much as most of you guys dont want to hear this in my opinion the best thing to do at the moment is sit on the sideline ( probably for about a week or 2) and protect our capital and not try to FOMO into any move. Patience is KEY
Am i upset that i dumped Fiat into the market?
Absolutely not...! I got in at about $7,500 and the price is already at $7,250
In a perfect world you would want to obviously predict the absolute TOP & BOTTOM of every market cycle but unfortunately thats not how things work. Both Traders and Investors are NOT always right and never will be. Ive said that multiple times and I will say it again The USD value of my portfolio does not matter. I'm in this game to continue stacking more sats as eventually there will be a time where we will no longer need to think about converting our crypto over to USD.
Fun Fact of the Day
If you would invest $20 every week since the beginning of the year you would still be up %50+
#LongTermVision Cheers!