Hey Readers, John T., Editor In Chief of
the Altcoingazette.com here. How are you this
fine day?, I hope all is well with you this
Ok, so the cryptocurrency market is digesting the FTX
blowup, sorry for all of those that got wiped out on FTX,
it wasn't your fault, ever! FTX, is not the first crypto exchange
to bankrupt and it won't be the last! It seems that retail,
always gets spanked.
This is the same behavior that transpired on MF Global, just
a few years ago, and also on the crypto exchange, Celsius Network,
then the regulators step in.
Our perspective, even though this hurts to say, these "Blow Ups"
are good for cryptocurrency, in that, don't put your faith in: Individuals,
exchanges, or regulators for that matter. Jessie Livermore quoted: History will always repeat, over and over again. Mark Twain, History doesn't always repeat, however does often rhyme.
Several other exchanges have bankrupted, FTX won't be the last. Warren Buffett quoted: Stock Market crashes lets everyone see, when the tide goes out, who is swimming without a bathing suit"! Who ever is now is skinny dipping, in the cryptocurrency market, the "Tide has gone out", for now...it won't last!
Bitcoin BTCUSD has had 4 times in it's trading history, that it pulled a -85%
price dip, only to recover again, to "New" record All Time High prices! In November of 2021, Bitcoin BTCUSD pumped to a record approx. $70,000,
now the dippy dip to $16.8K. So, again, I know that my math sucks, Bitcoin BTCUSD $70K -85% = approx. Bitcoin BTCUSD $10K! This has transpired 4
times in Bitcoin BTCUSD history, no Mark Twain is not a financial advisor, either is the Altcoingazette.com! We are rather close to the next -85% Bitcoin BTCUSD dippy dip? Time will tell. Privately, I would like to see Bitcoin BTCUSD, plunge to the Q1 2020 dippy dip of Bitcoin BTCUSD $3,500ish, only in my dreams, Readers!
So here is the price action that I see in the future for Bitcoin BTCUSD: -100% Sell Trend in Bitcoin BTCUSD, as it is as of this post. Old saying in the stock\stonk market: "Cheap stocks get cheaper and the Trend is your Friend"!
Let Bitcoin BTCUSD tell you what "it" wants to do, because the Trend is your friend. As I listen to Bitcoin BTCUSD, it is telling me that it wants to go lower, because of it's Trend indicator link listed here on Barchart for your review:
Suckers Rally, Dead Cat Bounce or the Bear Market Rally: All of these recent pumps in Bitcoin BTCUSD are "Counter Trend" Suckers Rally, Dead Cat Bounce or the Bear Market Rally etc. You always here people say, "The way you get Rich is by Buying the Dip"! This is Bullshit from my perspective.
So what is the plan Stan: Grasshopper, "The way that you get rich is "Not" trying to "Time" a market, stock, bonds, forex or now crypto. The way to get rich in Bitcoin BTCUSD, is if you are currently out of the Bitcoin BTCUSD market, is to stay out, "Until" the Trend Reversal! Here is the suckers trade in Bitcoin BTCUSD, you Buy the dip, and then you Buy the dip...and then you become a dip! Currently, the Bears are in control of the Bitcoin BTCUSD market.
Survey question: "When does the Bitcoin BTCUSD market Trend change from Bearish to Bullish"? Answer, I have now idea and don't care.
Next Survey question: "At what price will the Bitcoin BTCUSD market change from Bearish to Bullish"? Same answer, I have now idea and don't care!
So again, this is what I do know, 1.the bears are in control of the Bitcoin BTCUSD market, (For Now), 2. Jessie Livermore quoted: "The Trend is my friend and always trade in the direction of the Trend", whenever I had the patients to wait for the Pivot Point, I always made money in my operations".
Ok, so this is my trading plan: I currently own a very small position in Bitcoin BTCUSD and will slowly begin to purchase a very small amount of additional Bitcoin BTCUSD as a "probe" of the Bitcoin BTCUSD market. Jessie Livermore quoted" "You won't know a market, until you are in it". I am in the Bitcoin BTCUSD market and have been so, since December of 2019. My lowest purchase of Bitcoin BTCUSD was $5,500ish during the 2020 Q1 covid dip and then I purchased \ chased Bitcoin BTCUSD all the way up, with purchases all the way up to approx. $70K BTCUSD, I may hold the world record in the Greatest number of swing points in Bitcoin BTCUSD. In November of 2021, I was up a conservative +500K to +750K swing trading points in Bitcoin BTCUSD only to give all of those points back, whew! No margin either! Full swing in Bitcoin BTCUSD = a conservative 1 to 1.5 million points, full turn!
Bottom line: I purchase a small amount of Bitcoin BTCUSD on Coinbase, now every week, until this Trend indicator Pivot Point "Green" Buy! https://www.barchart.com/
Grasshopper: "When it tells you that it (Bitcoin BTCUSD) wants to be purchased and goes Green Buy, then you Buy the dip in the "direction" of the new Bullish Trend, thus you are trading \ speculating in the "Direction" of the Trend"! Readers, just sit tight and watch what happens when this Barchart goes Green\ Buy Trend, pay up for your Bitcoin BTCUSD and then continue to add to your winning trade position\s!
If you follow \ read the Altcoingazette.com, you will not miss the Bullish Green Trend reversal in Bitcoin BTCUSD! In stead of saying: "Stay thirsty my friend, more like "Pay Up" my friend and then "Pay Up" again and again...because the Trend is your Friend"! Add to your winners only!
Trend, Trend, Trend = Friend, Friend, Friend!
Not Investment Advice Ever...Opinion Only!