For the past two years my way of trading crypto has change a lot and also I have learn how to addapt to the market conditions, I have practive many ways and strategies to trade the crypto market, some have work and some not so much, through this journey of three years there are a few phrases that have really impact my way of trading, here just a few
"Are we trading or we gambling?" esentially to avoid getting greedy and take profits
"Trade market not your PNL" to avoid forcing trades and recognize when Im wrong
"Show me the chart and Ill tell you the news" dont trade base on news, most of the time is just noise
When ever I feel that Im doubting my strategy, feel greedy or Im loosing always remeber this phrases to change gears and get back on track.
Its no different to the current market situation, with this amount of volatility I have been most trading futures for altcoins, I dont trade that much Bitcoin but it is still the asset that dictates the curse of the rest of the market at least for now, I made a video a couple of days that was targeted mostly to new adopters to answer that constant question "should I buy now?', I knew a drop or correction was on the works but ironically it happen a day after I post this video @cryptoxicate/should-i-buy-bitcoin-right-now-2020
I believe that at the moment of this post we have not seen a substancial correction, based on previous data from last bull market of 2017 where more than three times Bitcoin correct over 25% during the year, right now we have only expirience a 10% but despite the lack of importance that I put to news when it comes to my trading, on monday november 9 we will have the first reaction from the traditional markets to the new president of United States of America, the word on internet is that legacy markets may not feel confortable with Biden as president and a drop on legacy markets my happen, this could affect the crypto market as we have seen it before despite the temporary decouple of Bitcoin and traditional markets, although keep in mind that 70% of the time Bitcoin has been correlated to traditional markets or the S&P500.
Here the Daily Bitcoin Chart:
It is my opinion that based on FIB retracement levels, previous support that Bitcoin may see anything from $14,500 to $12,000, right now I think that this 10% still has another leg down and could be spark by a drop from the rest of the markets in USA on monday, probably what we saw on this saturday was just a taste of whats coming, Im not in any position right now nor spot or futures, mostly have been scalping and taking constant profits on every trade, I still believe we are in a bull market but to feel more secure about the price of Bitcoin I think first we need to get over the previous high zone that starts around $15,300, if Bitcoin starts moving sideways below this zone, altcoins may have an oportunity to gain some traction as Bitcoin Dominance lowers but still a posibility of another leg down is on the table.
I hope my opinion helps you to get your own conclusions about this market.
👇🏻Consider Supporting the channel by using my affiliate links👇🏻
CLICK HERE TO TRADE: https://www.binance.com/en/register?ref=LOEHBWXR
LINKS:
► Start Trading Altcoins: https://bit.ly/startaltcointrading
► Start Mining: http://bit.ly/2LPfJly
► Start Trading Stocks: https://ftx.com/#a=604743
More of my content
LBRY: https://lbry.tv/@cryptoxicate
Hive: @cryptoxicate/posts
Publish0x: https://www.publish0x.com/@CRYPTOXICATE
Youtube: http://bit.ly/CRYPTOXICATEYT
Website: https://Cryptoxicate.com
Music: https://bit.ly/GREATCREATORMUSIC
CLICK HERE TO RENT MINER: https://www.miningrigrentals.com/register?ref=44378
DISCLAIMER: The information Cryptoxicate.com or its media channels not limited to Twitter, Telegram, Discord, Instagram, Facebook, or any upcoming social media platform or internet search engine results is not financial advice. This information is for informational and entertainment purposes only. Any information provided are only and simple thoughts and opinions, you must not follow any of this thoughts and look for a professional financial advisor since we are not any type of advisors. Dont not get into crypto currencies since its a high risk investment if you do not have the proper guidance and any investment that you made is your own responsibility and no one else.
#bitcoinhalving #bitcoin #ethereum #cryptocurrency #blockchain #crypto #nuls #hive #binance #leofinance