Bitcoin Holds the Line - kind of
The Market overall had a fairly positive reaction to bitcoins lone bullish candle in an area where there was a lot of focus. The unfortunate truth is that Bitcoin retested the area of resistance and – found resistance. Maybe everyone else doesn’t see it that way….
The spark was enough to ignite the market and allow for SOL to have a 10% day and FTM to have a +20% day. So all things considered – we had a bit of a turnaround day.
Now we head into the weekend. CME filled it’s Friday Gap yesterday but of course – we wait to see where CME will open on Sunday Night to know whether there will be another Gap or not. The issue with the weekend is always extended into Sunday night as whales try to decide just how far away they want to get from the Friday CME Close.
Slow and Steady - We Remain Patient
Patience is so necessary in this market. Sure COCOSrips 444% while no one is paying attention but to hop in now takes a very unique and masterful skillset. COCOS will likely dump 45-50% and at that point, there may or may not be a trade waiting for you. Understanding how to play something like this and how to get out without holding it to Zero are key to surviving this type of game.
It could easily turn out that there is simply no trade there or COCOS goes on to do another 400% while we wait for a pullback – this is ok. We prefer confirmation to improve our confidence, our Win-Rate, and our Probabilities of being correct.
We have been patient with GALA, MANA, SAND, and AVAX to mention a few and they are all paying off very nicely. In fact – AVAX continues to truck along and make new ATHs – even when the rest of the market was pulling back hard two days ago.
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