Sometimes No Play Is The Best Play - I'm Doing Nothing.
A few people asked me how I'm handling this crypto dump right now. For the most part, I'm just watching and waiting. We are at a key level of support / resistance.
One Week Chart
Once we dip below this $35K the next level of support is between $31K and mid $29K with very thin support to around $28K.
Three Day Chart
Best case scenario, support holds we retest this $41K range. The lower low is a bit bothersome though. If we break through $41K and rest above support it starts to make a bullish case depending on market sentiment.
If we fall below that $28K range I'm expecting things to get really ugly! It will probably usher in a full on bear market cycle. The good news is with Wall St and institutions joining the party now, market recovery may not take as long as previous market cycles.
The faster we fall the faster we rise and this is also true of the inverse.
Ideal scenario
Ideally, I'd like to see us bounce off this $35K support / resistance level and push through the $41K level making the case to stay bullish. It's also worth noting that both the RSI and Bollinger bands show us that bitcoin is extremely over sold at this level.
My Thoughts
At this point I'm just watching and waiting. I'm not buying and I'm certainly not selling. I took plenty of gains on the way up so I'm ready to make some buys when the right market conditions present themselves.
I'm hanging on to the few bags I've started to build. The only things I'm really bullish on now are AMP and BLOK. I'll continue to DCA into these after BTC falls below $28K or I'll beef up all my bags if we rest above that $41K support / resistance level.
Current Bags
XRP - Sold some, and bought back my position. Not really selling these until after the SEC case is settled.
XLM - Generally follows XRP in market direction. Again, not doing much with these until after the SEC case is settled with Ripple.
LTC - Whatever, I always hodl a bag of these. I have a few more than I'd care to admit. This happens from time to time.
Blok - Already doubled my position since yesterday, will probably double again if we fall below the $28K range.
AMP - Same strategy as BLOK... These two were the only dips I bought yesterday.
Hive - I'm watching and waiting. I'm always bullish on Hive and I'll probably add to my LEO bag too when the proper market conditions present themselves. (Hive really isn't a bag. I'm always long Hive)
Anyway, that's where I'm at. This is the basic strategy I'm working on. All these are long term hodls. Price targets will depend on market conditions. I'm prepared to hodl all these as long as necessary.
Strap in people. Things are about to get pretty wild!
Nothing here is meant as financial advice. Strictly opinion. Always do your own due diligence and get financial advice from a licensed financial advisor not some cartoon character on the internet who calls himself The Dood!
Hang in there people! #wagmi
Posted Using LeoFinance Beta
