Why did I sell all my coins at a loss and entered short positions?
- BTC has been falling in a manner that shows that there is no significant demand for it.
- BTC hasn't had any FUD or bad news about it for quite sometime to justify this fall.
- Almost all major alts, LTC included have basically passed through all invalidation levels that were in place to confirm the major uptrend was there.
- For some strange reason public is obsessed with having debit cards they can credit with cryptocoins and that is obviously not happening soon and now that that is evident people are selling off quickly (LTC for example). side note on LTC: /Charlie Lee is such a terrible person, I am still wondering how noone held him responsible for one of the biggest pump and dumps in recent history/
- short term view: 6800 may offer a support as there is where the trend line is, the same one we bounced off in January but I am willing to do some scalping using shorts and possibly sit out any rally that may occur towards 7700
Finally, I think that BTC can't be sitting here for too long, it either needs to implode or give us new ATH's after this correction is over. We are yet to see, but for me all logic went out of the window once it started crashing from 8800 few days ago.
Remember in last few days we had a lot of purchase orders at evident support trend lines but noone was buying after the price bounced a bit. Major positive news are required to put this guy back in the rocket.
- BTC has been falling in a manner that shows that there is no significant demand for it.
- BTC hasn't had any FUD or bad news about it for quite sometime to justify this fall.
- Almost all major alts, LTC included have basically passed through all invalidation levels that were in place to confirm the major uptrend was there.
- For some strange reason public is obsessed with having debit cards they can credit with cryptocoins and that is obviously not happening soon and now that that is evident people are selling off quickly (LTC for example). side note on LTC: /Charlie Lee is such a terrible person, I am still wondering how noone held him responsible for one of the biggest pump and dumps in recent history/
- short term view: 6800 may offer a support as there is where the trend line is, the same one we bounced off in January but I am willing to do some scalping using shorts and possibly sit out any rally that may occur towards 7700
Finally, I think that BTC can't be sitting here for too long, it either needs to implode or give us new ATH's after this correction is over. We are yet to see, but for me all logic went out of the window once it started crashing from 8800 few days ago.
Remember in last few days we had a lot of purchase orders at evident support trend lines but noone was buying after the price bounced a bit. Major positive news are required to put this guy back in the rocket.
I had a small buy order when number of longs decreased sharply and shorts were at 48% and that was closed recently, now the shorts account for more than 50% for the first since the bullish rally but I am not confident to enter longs yet.
A lot of experienced traders now eye 2000-3000 levels which may explain why noone is making purchases other than on major support lines. We are expecting 4500 in this wave but currently aren't shorting, patience is the key now.
Stay profitable and enjoy the weekend!