I woke up around 1 am and I looked at the charts, bitcoin was going to the moon. I was skeptical, I had a feeling that it was going to dump and it has happened. Bitcoing just dumped massively down to around $118000.
In the last few hours, millions were liquidated in bitcoin longs. May be I am to cautious, and you may call me a fool but I will never put a long or buy position near an all time high. The propability and odds of a strong rejection are just too high.
While price is usually attracted to previous high, it does not really mean that its going to break out.
Well, I am sure a lot of degen wallets and accounts cosed today, but thats how we learn. knowing the psychology of trading, when it rallies next, people will be hesitating to enter and then it will actually successfully break out.
Well, don't be too hard on me its a very strong personal opinion. What do you all think?