Hello everyone.
First of all, I want to thank you for bearing with me during the unexpected. Although this last flash was a bloodbath that led to 3billion in realised losses in the market, there is a lesson to be learned...Why not treasure it? You probably paid for it during this crash if you were in the market.
1 - As traders and investors, we get drawn in emotion...when you feel your judgment is clouded and you aren't sure anymore of what may happen next. Take a walk and a few days off on the sidelines...there are always new trades to be made in the market.
2 - Accept to be wrong. There is nothing more painful for a human being than admitting to others and especially ourselves, that we were wrong. Why is that so important? Because if you trade with the constant memory that you may be wrong you will have strategies to cut your losses and preserve your capital. One bad trade can wipe out months of hard work and good trades...cut your losses aggressively.
3 - remember yourself if you are a short-term or long-term trader. Each should play with different rules in mind and different timeframes. Short term trader would have cut the trade at 55k and exited as the i HnS failed. A long term investor is probably still in and not even looking at the chart. The macrostructure is still intact.
4 - always place stop losses and stick to them.
5 - Do not marry to your trades...I am guilty of this in this flash crash...I married to the bullish bias of the HnS, and I wouldn't accept the reality and warning signs as I was focusing on just one side.
After saying this... I was wrong. It was a wild ride since June with a series of good predictions and trades...This has clouded my judgement and given me the arrogance to believe I couldn't be wrong.
Well foolish me.
Now with the present sight...the signs were there. Double top on resistance at ATH. BTC broke the 58k support and price pattern neckline.
BTC re-attempt reclaiming 58, failing multiple times with upper long wick candles.
The double top price target was 46500, where the daily candle closed.
I am now looking at the daily frame. BTC is walking its way up to 58k.
58 k will be a crucial area that BTC needs to reclaim and consolidate above to continue the uptrend. If BTC is rejected there with strong candles and pattern signs, it may mean the start of an intermediate bear trend that may extend down to 20k.
However, I am still bullish until proven otherwise.
BTC had a similar significant break or make point at 47k in October.
I see BTC moving its way to 58k. I placed some stop-loss short term at 45k.
I would also like to point out that the RR (1.27) on the daily frame is not great. So the best move is to wait for BTC to build up momentum and break the 58k unless you are a long term investor.
FOLLOW ME, SHARE, LIKE AND COMMENT
First of all, I want to thank you for bearing with me during the unexpected. Although this last flash was a bloodbath that led to 3billion in realised losses in the market, there is a lesson to be learned...Why not treasure it? You probably paid for it during this crash if you were in the market.
1 - As traders and investors, we get drawn in emotion...when you feel your judgment is clouded and you aren't sure anymore of what may happen next. Take a walk and a few days off on the sidelines...there are always new trades to be made in the market.
2 - Accept to be wrong. There is nothing more painful for a human being than admitting to others and especially ourselves, that we were wrong. Why is that so important? Because if you trade with the constant memory that you may be wrong you will have strategies to cut your losses and preserve your capital. One bad trade can wipe out months of hard work and good trades...cut your losses aggressively.
3 - remember yourself if you are a short-term or long-term trader. Each should play with different rules in mind and different timeframes. Short term trader would have cut the trade at 55k and exited as the i HnS failed. A long term investor is probably still in and not even looking at the chart. The macrostructure is still intact.
4 - always place stop losses and stick to them.
5 - Do not marry to your trades...I am guilty of this in this flash crash...I married to the bullish bias of the HnS, and I wouldn't accept the reality and warning signs as I was focusing on just one side.
After saying this... I was wrong. It was a wild ride since June with a series of good predictions and trades...This has clouded my judgement and given me the arrogance to believe I couldn't be wrong.
Well foolish me.
Now with the present sight...the signs were there. Double top on resistance at ATH. BTC broke the 58k support and price pattern neckline.
BTC re-attempt reclaiming 58, failing multiple times with upper long wick candles.
The double top price target was 46500, where the daily candle closed.
I am now looking at the daily frame. BTC is walking its way up to 58k.
58 k will be a crucial area that BTC needs to reclaim and consolidate above to continue the uptrend. If BTC is rejected there with strong candles and pattern signs, it may mean the start of an intermediate bear trend that may extend down to 20k.
However, I am still bullish until proven otherwise.
BTC had a similar significant break or make point at 47k in October.
I see BTC moving its way to 58k. I placed some stop-loss short term at 45k.
I would also like to point out that the RR (1.27) on the daily frame is not great. So the best move is to wait for BTC to build up momentum and break the 58k unless you are a long term investor.
FOLLOW ME, SHARE, LIKE AND COMMENT
CFcryptoTA
check the youtube channel out
youtube.com/channel/UC1nxHmfbU0pyoX7Bp-ayDuA
Telegram channel for 1 to 1 chat: t.me/TAEW4
check the youtube channel out
youtube.com/channel/UC1nxHmfbU0pyoX7Bp-ayDuA
Telegram channel for 1 to 1 chat: t.me/TAEW4
