Bloody Weekend? Is Your Plan Ready?
The past week was everything but usual, but then again, what is usual in crypto? There's no such thing as usual. Those who know nothing about technical analysis are hoping to get back to all time high, even break through and get to new highs. Those who know technical analysis usually have two scenarios and a lot of plans. Those who know technical analysis and have deep pockets can make the market as they want and usually do.
Bitcoin is taking its time, consolidating, going up, then down as usual and there are two possibilities for the next period. Which is going to happen first? Who knows.
The thing is there's indication that many are shorting, hoping to sell what they don't have and buy it cheaper. Market makers know that and are going to act accordingly, I'm sure of that.
Many of the alts are sitting on support level, which means they can go either way. If support level is lost, the next level is the last support level down.
The problem is, weekend is coming and it's known weekends are bloody, everything is red and if you're not looking to accumulate, you'll be angry.
Right now it's difficult to make a plan and stick to it. Short term trades are ok with limited risk, if there's such thing in trading at all.
I'm sitting waiting for a signal to see where we're going. A considerable part of my trading portfolio is in cash, looking to buy at retest and/or if we go to the 20k region.
Many of the charts look the same, but there are exceptions as well. One of which is CHZ.
I've had my eyes on CHZ for quite some time and all I can say it's a project to keep an eye on. If you look at the chart and compare it with the others (BTC, ETH), you don't see the same pattern. Chiliz is rallying right now. It's not in the buy zone, but it's definitely a good one.
The Hardest Lesson To Learn
Ever since the last drop happened, I've been watching the market, trying to figure out what is there to do, which is the best strategy. Over the few months I've been trading, the most valuable lesson I've learned is patience. Watching the charts and seeing your coin's price going up is difficult, but buying high and selling low is not an option, unless you have cash to throw out of the window.
If you look at the influencers on social media, you can find a lot of theories. Everyone is smart, everyone has an opinion, which can coincide or differ, depending on the interest of the influencer, meaning who's paying them, or not.
After all this time, I'm not the type (never was) to believe everything blindly. I trust numbers, charts, those are the ones indicating the way.
In one of my posts earlier I told you about Gareth Soloway, who has predicted the big BTC crash, from ATH to the $30k region and no one has believed him. They have said that's crazy.
https://www.youtube.com/watch?v=pOSz7gq4eMU
Here's a video, his BTC analyses, that makes a lot of sense. He's acting on what the chart says.
Unlike other occasions, I'm ready for both scenarios, of at least I'd like to think I'm ready. Patience is my middle name :P so let's go.
But in the meantime, don't forget to have some fun. We're writing history and in a couple of years we're going to remember these days with a big smile on our face, or try to forget because we did what we shouldn't. Which one are you going to be?
In a couple years from now your life will be completely changed. Once you've achieved your goal & become rich you'll look back and realize the most exciting part was going through the journey to get there (the ups & the downs). Take some time to enjoy the journey while it lasts. source
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