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Tuesday, October 4, 2022

Why I’m Selling Crypto

Been a bloody day on the cryptocurrency markets and, of course this is stemming from the stock markets and what the fed is doing, the recycled news around the inflation rating and then also interest rates, potentially rising so without further ado, let’s crack on with it smash the Like subscribe, if you haven’t already help that youtube algorithm out, 30 of you aren’t subscribed, let’s get that to zero okay, so the feds are looking to do lots of different things. Today, they’ve got a lot of news out on the digital currency report which has come through. We also have the omicron risk and then there’s also the monetary policy tightening as inflation ranges, this isn’t necessarily new. But of course, it’s affecting the stock markets like the nasdaq, which is heavily influencing the crypto market, both being technology. This is now down 11 from its all-time high.

We’Ve been looking at this and just recapping the price, for we were up at around five, three or so percent back here early the week and now we’re down at 11. Now, if we zoom out as we always do, we can see that we’re a long way from the low back in march of 2020. This is the major low one thing i want to point out from my experience. Major tops aren’t formed when the news is bad s. P 500 is looking very similar.

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It’s also had a breakdown past its 50 level, but we have major support levels. So this is the macro view you want to be trading the macro market. The longer term time frames, so this can pull back to 4 000 even to three and a half thousand, and we’re still looking very, very pretty for the next stage of the move. Remember we have gone up since march 2020 to the peak in around january of 2022. This is for the stock market.

So it’s a very long time. The market has been going up with only minor corrections, and if we look at the correction, we’ve just had it’s very similar to what we had in late 2020 and the market continued on, not saying we’ll get that, but maybe we’ll get further but 2022. At least the first half is shaping up to be turbulent as a potentially profit-taking period, and also a re-accumulation period before we continue to move to higher grounds throughout this cycle. Remember our wall of worry markets are always climbing walls of worry. When there’s a lot of bad news, we get the dips, we get those by the dip opportunities and the markets continue up.

We go to a shorter term look here. We can see from 2009 to 2020, all of the times noted in or some major news items of when the market dipped, and we can obviously we obviously know now from history that the market continued up from that point down to the cryptocurrencies and fear, and greed Is at 19 today i dare say it’s going to be a lot lower tomorrow, after today’s crash and on bitcoin, we are trying to recover again so the opium side. We want to see bitcoin close, the weekly close above the previous low levels, and that was on the 10th of january at around 39 600. So if we can get a weekly close above that level, then this was just a fake out before we started to make higher ground now, that’s short term, and in order for the market to continue to building strength, to continue building strength, we want to see it Get back above this, these higher levels here, and these were set at about 42 to 44 000. Now it’s just the first or the second step.

The first step is getting back into the forty thousand dollar range. Then we have to start to stair step our way back to those previous higher levels to gain that ground. Now the downside to this is if we aren’t able to recover to that forty thousand dollar level and we get a lower high form before we head lower. All this is going to do is prolong the downtrend prolong. The bear market talked many times before, whether it’s a bear or a bull.

The money in your bank account doesn’t know whether it’s a bear or a bull. It doesn’t matter what matters is making profits getting in early and then selling on the way up or on the way down, provided you’re still in some profit or you’re. Protecting your position, that’s what’s going to matter at the end of the day, our job is not to buy the absolute lows and then sell the absolute tops. Our job is just to take a healthy chunk out of the middle, with your trading plan with your. If then statements, if the market breaks market structure market resistance, i will buy if market breaks down, i will sell and that’s what we were looking at with the members.

So you can see in patreon and premium links are down below it’s all. In the course looking at weekly swings and the market broke weekly the weekly swing at around 57

Now i’m not selling bitcoin or ethereum at those levels back in november and december, but i was selling a lot of altcoins and those posts are all in the members group which you can go back and have a look also talking a little bit about it. On the channel, but usually at extreme times the majority people don’t want to hear it. That leads me onto solana and cryptos, which i have been selling, and why solano is one that we’ve talked about on the channel looking to buy it, bought it in around that 25 to 30 range when the market was down. In may june july of 2021 market peaked.

You can see. This is really abnormal. I don’t want to be in the market when this is going on, or at least i’ll take it to sell some of my position, because the liquidity is extremely high, not that i’m going to move a market, but the market is quite high extreme at those points. In time, so that makes me fearful after i’ve been buying in when everyone else is fearful. So i mentioned that i sold some salina at about 160.

Doesn’T look so bad now, looking back four or so months, but as the market rises again to 200 and 250, then it feels a little bit crazy. But this is the whole point of trading. You don’t know that the market is going to go that much higher, but in terms of a percentage it was not very much at all. A percentage of 25 dollars to 160 is a lot better than buying in at around 130 and going to 260

There’S only 100, so the whole point is to make as much as you can, through the middle, with whatever knowledge that you have written down in your plan. Speaking of the plan 50 levels on macro time frames are areas that i do like to sell part all some of my position and for solana now down at 126.

It broke the 130. Even if this bounces, i still think longer term, maybe over the next few months, we’ll probably see some more downside because there’s just not much support for solana in this period, there’s a little piece right here, but there’s just not much support through this whole period. So i want to protect the profit that i’ve made on solana waiting for some more moves. There was plenty of signals to get out, but this is just what real trading happens. You might be far more strict and get out at some of your levels up higher.

The point being is that these are some times that i want to be selling out, and i’ve mentioned that to our members. Today, as i mentioned, you can see the links in the top of the description for patreon and to learn how to trade set up your own trading plans premium is down there as well. So this is a similar pattern that i’ve seen on a few cryptos today and i’ve sold out of some positions, especially as they break down from their major 50 levels, regardless of any little pumps. That might happen now, if the conditions change, if the market closes above the 50 and back into the zone, that it was uh in early january, then that’s one signal that the condition has changed. The next thing i want to see is a market then climb and break some previous highs.

The next thing is a retest of those highs, and so that’s going to give me a few signals for my plan to be able to re-enter those positions, regardless of if it’s higher from where i currently am because to the downside, i could lose a lot more To the downside than i could, if the market was to show some short-term signs of strength and give me a re-entry opportunity at a higher price, now, it’s not a call to get wrecked. It’S a call to do things safely and if you’ve been interested, go and check out michael’s channel, he has specific plans on how he has been trading. Leverage trading in the futures markets, not crypto, but in futures and now crypto for over the last 10 years, check it out. Links are down below found. Some value smash likes, subscribes, bell notification, icons, see you in the next video until then have more fun to get more done.

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