Who's Selling?

6 Tem 2021

Yesterday the long waited break of the so called uptrend was finally broken, but then unexpected things happened LOL :)

Let's review the situation:

1- We are still in the sideways trading range
2- We are still in the descending triangle
3- Yesterdays short sellers are now being FOMO'ed in to buying back with a short squeeze.
4- The uptrend is broken AND confirmed with the daily close

I believe the saying: "If i can see it, then everone can see it". We all saw the uptrend right? So did the Composite Man (CM) and the market makers.

Let's remember the job of the market maker: provide liquidity.

They look for the liquidation areas and drive the price right to that point until liquidation happens. So, where was the liquidation area when the uptrend broke yesterday? Right back in the uptrend, where it started right? Where's the price going now?

CM started buying at the support level (who did not do it on 21st & 25th), just enough to stop the trend. The rest is FOMO, thanks to retail traders. Now, short sellers of yesterday are getting squeezed and forced to buy back.

The question is who is selling back to them?

My bullish case stands;
1- Break the triangle
2- Break 37k
3- Break 41K

Until then, i'm watching in peace.

6 Tem 2021

Not

One more thing,

I want to tell you about the stupid mistake i made yesterday and costed me few hundred bucks in 15 minutes just before the crack down.

I lost my patience and was bored, so bored that i decided to do something and at least start a grid bot, which made good profit during phase A. I told myself, what if we are really going up, even for the short term? You see how the FOMO starts to fool you?

and i started the bot.

Half of my portfolio was now on BTC. It sells every $500 up and buys every $500 down. Having done something, i went to watch some tv until the alerts started to buzz. The trend was broken and i was buying! Half of my portfolio started sinking, my risk was unnecessarily high!

I traded against my analysis even though none of my bullish case events happened.

I FOMO'ed in.

Then i looked at the closest support was still way down below and price was going there. I stopped out and exit. That's also a weak hand move.

This has cost me a few hundred dollars in just minutes but i learned a lot:

1- Do not trade inside the bearish triangle
2- Do not FOMO, it's not going anywhere you can't catch
3- Stick with your analysis and your bullish case
4- Do not risk more than 5% in one trade idea, especially the shitty ones :)
5- Get bored! It is fucking awesome!

You can grow this list, but the point is that the more you trade, the more you loose. There's no point in wrestling with #bitcoin. I'm not a short term trader and i don't advise anyone to be one. I'm a long term investor and i'm waiting for the right time to go in. I just can't wait to transfer my BTC to my cold storage and hopefully never touch it again.

Yeah, shit happens, lessons learned!

7 Tem 2021

Not

Are we going to 80k?

8 Tem 2021

Not

$18.76 Billion Worth of Bitcoins Were Dumped On Retail Investors!

10 Tem 2021

Not

Let's zoom out and look at the big picture.

11 Tem 2021

Not

So, when Lambo?

12 Tem 2021

Not

I sold my car and i'm not buying Bitcoin

20 Tem 2021

Not

Looks like 16k is playing out