A premium post from May 30th from our Analyst Mark Dukas.
Yesterday the BTC price came within $3.11 of my target on Bitstamp. $9,100 was met with an intense dump that I believe will continue until some stabilization. The SmartMoney algo yesterday afternoon confirmed BEARISH DIVERGENCE on the 480 min chart. This also happened when the price moved from $6k-20k. This time we moved from $3k-9k.
This isn’t going to be a one or two-day event. We now have to watch price action unfold and see where price action leads us. This market has gone up almost 200% and altcoins going up 15%-35% respectively during the month of May tells me now to TAKE PROFITS, be prudent and protect my capital.
With so many variables in place, I like to have CASH/TETHER available to re-deploy and not be left watching the price go back to my entries or giving back all the profit I worked towards.
You could see a bull trap, a continuation before the dump, FOMO, etc.
With not knowing how this will fully play out but I recognize and remember that I too have held a lot of positions far too long in my trading career. I couldn’t imagine making these mistakes over and over again.
Most people won’t want to see it with their eyes, their accounts, etc. But we rose almost 200%+ off the bottom to where the dump came in at that $9100 level.
Did you think this was going to be easy? I’m protecting capital and going to re-evaluate as my options open up again.