Thanks to patterns, we know bullish signs when we see them and the crypto market has shown bullish signs for well over a month now. We?ve capitalized on the current bullish ?character? of the market with many winning trades, and as the charts below show, we?re not stopping now.
We also take a look at BTC Futures which has been an excellent indicator for the overall strength (or weakness) of the crypto market for the last year. Don?t see armageddon, but don?t see BTC $20,000 next week either.
THE TAKEAWAYS
1) TRADING = TAKING INTELLIGENT LOSSES WHEN STOPS HIT. Develop an overall trading strategy that allows you to participate in ST trades ? the hedge funds are doing it?don?t you think that means YOU should be doing it too?
2) The current IT bull case for the crypto market is still in tact. That could take BTC up to $5,000 or even $7500, but as of now theres and equal probability we?ll see $1500 first. You have to have a crystal clear plan of how you are going to trade that ? and stick with that plan until you get overwhelming proof there?s a reason to change that plan.
3) Long-Term? For now Bears have the ball ? get comfortable with that. Stop trying to make 5x or 10x ? even if you somehow do catch a home run (patterns offer little help for this in this market) you?ll lose it all back on the 9 other tries you?re taking to buy a lambo with a trade (or higher prob the swings you?re taking to make all your losses back)
Learn to trade the CHARACTER of the market ? and you can stay safe and profitable for the long haul.
