First of all I'd like to say that if you are relying on news events and tweets from celebrities to forecast the behavior of any market, you aren't doing things right. As you can see from my March 23rd post Bitcoin was already showing signs of weakness that I obviously picked up on. I don't listen very much to the loud mouths on Twitter that keep yelling BULL BULL BUY BUY or the Pessimists that think the world is coming to an end. I try to keep my eye on the charts in front of me because through the years I have come to realize that News events seem to be timed for good measure to push markets in the direction they were already going to go no matter what anyone said. That being said, I think we have the potential for a very short term but significant bounce worthy enough for a scalp play in the 38k to 37k Region before continuation down to my real areas of interest which lie between 27k and 30k. My dream target is highlighted here also which coincides with the 200 day EMA. Just trying to keep it simple. I have kept plenty of cash around to make sure that I can take advantage of this situation and if you have been following me you know that I profited handsomely from my short that I closed at around 41k. I will not be opening any short positions because I don't feel like going through the stress of it after just having finished a grueling tax season. Nonetheless, the opportunity is there but please be careful and if you don't know what you are doing don't do anything but wait for the right regions to strike and open positions that you scale into. There is no urgency when you invest that way. Either you believe in crypto or you don't. If you do and you think that we will once again conquer higher highs then it becomes simply a matter of finding opportunities to keep building a position. The fact of the matter is that Crypto is a risky space. With opportunities for great rewards come huge risks. Should your portfolio only include crypto? Of course not, that's crazy, but it definitely has proven that it will be around for years to come. Nothing has shown so much world wide adoption so fast since the Internet itself! Crypto is the internet of money. Once you stop dreaming of getting rich overnight and strictly look at it as a long term investment in something that will be around when you retire and will have grown exponentially by then, at that point is when you will stop losing sleep. Just chill and keep adding at a slow pace on the dips unless you really have experience and know what you are doing. Even then, with all the experience in the world, you could be wrong and lose alot of money. So in summary, be smart about how you invest, don't take crazy risks, don't forget there is a world out there outside of crypto, and enjoy the ride! Peace and love to all who are good my friends. Goodnight!
Comment:
I forgot to mention that the Pivot point lies at 20k So do keep that area in mind if you are scaling in. Not a bad idea to start with small buys and keep powder keg full for the larger dips right?