While the likelihood of Bitcoin falling isn’t high, it’s over half and the amount of fall is a large enough hammer to make a big dent. So we sold all our positions here.
Technically, price is having a hard time breaking out above these two ceiling resistances.
If Bitcoin goes up and becomes bullish, alts will go up a 20-30%.
We would miss some of that because we are not in position.
But there will be at least one sell down where everybody can get back in at the bottom.
If we drop down before hitting $6800, you can see a clearly bearish head and shoulders.
If we break above $6800, we weaken that possible head and shoulders so we might buy back. But we have to reevaluate when if that happens.
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Bitcoin looks bearish. So we take what we can and go to cash
Crypto requires patience and strategy. It also requires iron clad vision.
Most people would have sold at a 20% loss.
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After we bought Theta, it kept dropping for 3, almost 4 days. Then it exploded. That’s when we sold.
Most people can’t handle the heat of losing 22% in 3 days. But we knew Theta would perform strong and deliver a meaty ROI so we held until the pump. And we got rewarded with a 25% profit for our 3 day hold.
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We must have gotten lucky 6 times in a row.
A few days after we bought THETA for our clients, it got listed in Bithumb.
Stop using that stop loss.
It’s not for crypto!
Stop loss assumes everything will be the same as when you set the stop loss.
Every trade requires considering all factors. A stop loss only considers a price point without considering
When you do a stop loss, often, it gets triggered when the price bounces back up. So you sell at a loss when bullish. Makes no sense.
If you set a stop loss for a 5% drop in price, and it gets triggered to sell at market price due to a 30% drop in price from a whale selling, you’ll end up losing 31%!
Or if you set a stop limit order to force the sell order to trigger at exactly 5% loss, and the same whale sells you down 30% but a bigger whale buys up the entire order book and the price skyrockets 300%, you still sold at a 5% loss against bullish traffic.
This is like making a promise that you’ll dump your girlfriend if she’s late for dinner.
She’s late for dinner.
So you dump her.
Then you find out she was late because she was buying lingerie for tonight.
Stop losses are not for crypto.
So what do we do? We just don’t sleep.
By traditional TA standards, a right angle triangle interpretation would give us a -$8000 Bitcoin target.
If Bitcoin accomplished this, that would be more revolutionary than Satoshi.
Instead, I favor a more organic forecast. Look at the highs as the main driver. The support should stay over $5000 because the biggest players got their A tier clients to invest in their index funds at $6500. Coinbase is one.
A conversation where coinbase appologizes for a 50% markdown on their institutional custody product is unlikely to happen.
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We’re looking for ath by March.
And alts should rapidly do 10x, 2 to 3 times for a total of …