Bitcoin rejected at new record highs and Tone Vays thinks the top's in (for the moment)
Howdy traders :)
Just a quick update on Bitcoin and I'll take another look at EOS tomorrow (I will do STEEM when it looks pretty again - just trying not to look right now).
So yesterday I posted that I was staying well clear of aggressive longs on Bitcoin til we see a healthy correction/fork biz is out of the way ... well a little vindicated on that front because yesterday's "break" to new highs was a real fizzer:
Granted the sell off was relatively small, but if I'd decided to play that "breakout" aggressively, I would of wiped out an account. 20:1 leverage means if the market goes against you 5%, you lose 100%. The correction was 5.9%. Buying dips and breaks is exactly how I've been playing this thing, so pretty damn lucky I've become a little dubious on the rally lately and lowered my risk profile.
In related news, Tone Vays came out and called a corrective top today on Twitter:
"PIGS... they get Slaughtered"-Gordon Ghekko, Wall Street 2
'Might' be 1 more #Bitcoin $BTCUSD push higher next week. But I'm Calling a TOPTone Vays [#NO2X] (@ToneVays) November 5, 2017
He's pretty sure it's run out of steam and he's worried about how deep the correction will be - saying active traders should adopt a "wait and see" approach. I'd have to say I agree: was already worried about this ting yesterday and now we have the makings of a Head and Shoulders topping pattern on the 4 hour. We are way over extended and could see a deep (yet healthy!) correction.
Of course, as I said yesterday, this thing could just keep on roaring as people scramble for free coins. Bottom line is I'm playing it real careful at these levels - flat for the moment.
Team Aus footer by the amazing @bearone
This post was brought to you by @msp-creativebot
I wonder how crazy the correction will be... we all know that is coming, I just wonder how painful (healthy really), will be
Yeah 6200 would be the classic former resistance correction, we'd have to get back inside the channel though ...
A correction is IMO long overdue already but just like you say, people want some free coins. So let's see where it goes but latest after the fork there might be a bigger down.
img credz: pixabay.com
Nice, you got a 8.0% @minnowbooster upgoat, thanks to @bulleth
Want a boost? Minnowbooster's got your back!
The @OriginalWorks bot has determined this post by @bulleth to be original material and upvoted(1.5%) it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
Upvoted. I'll be resteeming this now :]
Thanks mate - much appreciated :)
Bitcoin is certainly making massive stride, so few rejections is not going to make much of a difference at all. It’s not really about them alone, but many options that we could use. So, we just need to be ready to take them, and that will help us gain. Right now, I am entirely focusing on Cryptonetix, as there is massive potential there! It’s very near the launch, so pretty exciting. http://cryptonetix.com
Hello, I remember you @bulleth !
You donated to our common noble cause for the first time exactly 17 days ago. Have a great and prosperous day along with my up-vote! You fed me with 11 STEEM already but you can always make me stronger, if you want to. It will enable me to help you and your friends more often.
Yours, Spinny
I like very much when everyone who feeds me also reads my friend’s posts, so please visit @fates and read what he has to say! Your name will also appear here. :-) Join my Discord server if you want to meet others: https://discord.gg/Mz2EZP3
Powered by @adsactly.
just ... remain calm... wait n watch for next point. Surely it will be pointed by him .. soon yeah very soon.