Everybody stand up and do the Bitcoin "shake out"...
It's of course very easy to analyze market behavior in retrospect, but just because it's easy doesn't mean it's not beneficial, and here we can see that what we've had over the last three days is just another shakeout in a still-parabolic uptrend. These shakeouts can be extremely convincing, though, as they always start at a place of macro/higher-time-frame resistance where a market reversal could very realistically occur.
BUT - we can find easy ways to survive these shakeouts and not get shaken out.
If you were longing from late 7ks or early 8ks in this uptrend, setting the simple rule of not closing your position until a daily candle CLOSE (not wick) under the 21 EMA (blue line), would have saved you from massive losses, regret, and/or huge opportunity loss in the form of a premature exit.
Just something to keep in mind.
Remember what you learn and internalize it! Crypto traders tend to be very emotional and have extremely short-term memories.
Cheers and happy trading.
BUT - we can find easy ways to survive these shakeouts and not get shaken out.
If you were longing from late 7ks or early 8ks in this uptrend, setting the simple rule of not closing your position until a daily candle CLOSE (not wick) under the 21 EMA (blue line), would have saved you from massive losses, regret, and/or huge opportunity loss in the form of a premature exit.
Just something to keep in mind.
Remember what you learn and internalize it! Crypto traders tend to be very emotional and have extremely short-term memories.
Cheers and happy trading.
