It will be interesting to see if Bitcoin moves down in following tandem with Stocks as was the case October - November. If that happens again perhaps Bitcoin will move next leg down in the next few weeks to month or so.
USD win for this year.
LijiLe
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@dRends35, possible, spx is at least retrace to around 2600
dRends35
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@LijiLe, And perhaps then a big crash down much further into the territory of previous flat below 1500. Bitcoin has never existed with world stocks in a bear market. not conclusive though, perhaps Bitcoin has a trick but seems unlikely
deactivatedaccount123
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@dRends35, This bad boy is going to 5.6k or higher before the chance of a new bottom my friend. Pretty sure about that.
dRends35
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@mc_peewee, Perhaps it will but it all seems rather risky if Bitcoin is subordinate to stocks and stocks are looking likely to crash at any moment. Dancing on the trap door. Another option might be to wait to see if a big bounce happens and go short, but obviously shitting such a volatile asset has big risknsttsched also
dRends35
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Shorting* - not sure how autocorrect corrects to swearing lol
deactivatedaccount123
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@dRends35, Ya know, I am somewhat sure that this wasn't the bottom. In fact, kinda hoping on it. I didn't put a large chunk of money in this time, only a few hundred to trade alts.
At the moment I'm training myself to zero in on what made me so successful in the beginning with analyzing BTC- going back to the traditional method of support + resistance.
So realistically, I don't care where it goes. I just pray this isn't the start of a multi-year run, I've got a lot of accumulating to do first.
My thoughts are that Bitcoin will have a substantial bounce for the next few months, as stocks begin to confirm resistance. Everyone will FOMO because halving, which is exactly what the whales want.
Then come later during the year we'll begin the REAL descent to the REAL bottom. I suspect around Feb of next year Bitcoin will begin its real rally upwards.
Until then, I'll be training myself on alts and experiencing real trades.
I'm gonna be more than prepared the next time Bitcoin makes a big move. And if it doesn't, no sweat off my shoulders. I believe at that point I will have learned enough to make a career out of trading regardless of if Crypto is successful or not.
We'll see.
dRends35
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@mc_peewee, This all sounds good, but wondering if you're planning a career if you've considered learning in a different market such as FX where you can trade both ways equally, TA is easier and more reliable. Crypto appears to be very difficult to trade with such a long deflating trend. Obviously don't have to put this stuff on your public page could chat in pm if you like
deactivatedaccount123
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@dRends35, I choose to trade Crypto BECAUSE it is harder. Also, equities and FX didn't take my money in the first place :p
This is about much more than just a 'career' choice for me. This is me starting something, finally, with the intent to follow through on it.
For the first time ever in my life I've chosen to actually stick by something I choose to do.
USD win for this year.