We all know what happens at the end of the heat. People get burnt. Let’s not fall into that trap and take a look at how we can avoid getting burnt, especially in these superhot times. Even if that means coming early alright enough with the dad jokes. Of course, if you want to test out your trading skills and not just talk about it.
Otherwise, you’re left with three thousand there using the link from the exchange. It’s only for experienced traders who use stops. The amount of times I hit people not using stops is crazy and, of course, I have a plan. People getting burnt yes there are good times to be had but we want to just keep trading in between the markets. In terms of, are we going long? Are we going short or what is the market telling us?
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If you’re not trading, if you want to use this as the news before the news that’s what we use the charts for so bitcoin has been performing extremely. Well, we’ve obviously been following this pretty damn well the whole idea is just to put the probabilities on our side rather than saying the market must do this because the market doesn’t have to listen to us it. Just does what it does and we just have to read what it’s telling us that’s our only job here. So, we don’t need to say that. It has to go to 25 grand or 30 grand or whatever it is 100 grand. Those people always get burnt and the same deal to the downside. I popped this up on twitter this morning the bitcoin bears will eventually get slaughtered just like the bitcoin bulls were slaughtered at the top the aim of trading and investing is to be fluid in your views and stay with the trend as long as possible because that’s how you’re going to make the most money. Of course, you have to eventually sell and that’s the idea about. Even if we’re selling before the absolute peak because the other day you’re just trying to make profits. You don’t need to be a hero and say I bought the bottom sold the top leave that to the influences.
There are no prizes awarded for most loyal to a community now bring that up because ADA always y I mean this is through the bull market the community has been so loyal to this project. But, there are no prizes awarded for yelling out ADA as much as possible as many times as possible online you might think that the price will go up more. If you yell at a bit more. But, everything is coming back to cycles. So, if the cycle is down the cycle is down so that’s my part of the rant looking at cryptocurrencies and not getting too caught up in the position getting married to the cryptos that we’ve bought to try and divorce ourselves from those emotions. Those ideas especially when it comes to things like Ada or Solana or doge or anything else that is quite maximalist in nature. So, they have had some gains in recent times. So, I wanted to bring Ada up because we’re starting to see some signals of another little piece of to the end of the short term move just little hints.
Of course, we can keep going on and we’ve talked about that. But, it’s just little hints here and the main thing is this investors cycling through weak horses is this the end of the line. If you haven’t been here for a cycle and you’ve seen all coin seasons and all that sort of stuff we tend to go from the major cryptos the blue chip into the better crypto currencies. I guess you could call them blue chips. But, then they start to flow on to other crappier projects and stuff that really has nothing going for it and those things start to pump and then the next things that. Pump are the projects that are basically dead and had died but just come back out of nowhere the reason for this is that investors are willing to take bets on riskier assets because they believe that the gains have already been made in something like Bitcoin or Ethan it’s like – all right let’s start to shuffle our profits down into the next cryptos. The next ones which ones haven’t pumped yet and try to pump those prices up because the other day, of course, it’s manipulation we can scream and cry about it. It’s not going to change anything all markets are manipulated.
Let’s get over it and just look at what people are actually doing in the market to try and jump on board. When they are manipulating the market easiest way to do it rather than getting upset about it happening. So, that’s why I use the charts to tell us when those things are happening where the price is going so with that in mind there are two things. We’re looking at today is the trend coming to an end should we be taking some profits. These are some of the signals that I’m looking at and how can we deal with it, so bitcoin yesterday did drop back to that level of 21 700 and then it since pumps from that point the beauty about following a trend is that. There hasn’t been any confirmation that the trend has reversed. But, we can start to see signals where the market is starting to slow even if it is a little bit for a period of time before it moves again. So, you can think like I do and say well the market is stalling here it’s starting to take its time and it looks like some sellers are coming in you could see that yesterday when the market did drop then we sort of bounced again. Then we started to stall again and we’re just looking for signals from the smart money to say. Well, we want to keep the market going up we haven’t broken any of the support levels yet and fallen back down that’s the signals that we’re looking for the support the major support levels weren’t broken.
You can see the higher lows continue to come in. You can see the major support there the 21 700 that we’ve had on the chart for weeks now that has held again because you can see it touched reversed touched and reversed. So, they don’t want to break that down yet and it looks like we’re heading towards that next major target of twenty four thousand six hundred, so the battle zone was conquered. You could see it happening yesterday battle between the twenty one seven. Then the top of that range exactly like we looked at. You can see it as well when you just open up a chart and start to look to the left and look for where those support and resistance levels were in the past.
So, if we bring this up just a little bit you can see that the tops of bitcoin 22 7 were clearly the tops back in june 14 and also 16th. Now that we’ve overcome that at least for the short term it looks like bitcoin wants to start to tackle the next zone. It’s going to the next war and the war is 24 and a half to about 25 000 so with that in mind we need to see well is this starting to run out in terms of gains for cryptos. So, we have a potentially a little bit left in the tank for bitcoin which means maybe there’s a little bit left in the tank for cryptos but it never hurts to take any profits. No, it doesn’t hurt to take any profits. It doesn’t mean you have to sell everything just a little bit at a time all right so total cryptocurrency market cap target one achieved I’ve swapped these two around. We’re looking at three being this is my third target. I know you’d probably go one two three.
But I didn’t think that this would be too strong if the market can actually get to 46 460 billion and that’s being the overall market cap for cryptocurrencies to give us signals to let us know. Maybe, it’s time to take more of those profits out of the cryptos that we’re trading we don’t need to sell everything at once. We’ve heard that time and time again so 460 billion to about 480 billion. We get through that the market takes on that battle wins that war then I’m looking towards 580 billion as the next target.
So, just taking those little bits of profit looking at eth it looks like it’s been having some profit taking you can see just four days ago we came up tested 1400 and then there was just that one small day where the market was really trying to decide. Are we ready to break through and from that point? huge volume came in we always want to see that it happens that’s tape reading now you’re able to read the market like the news you’re going to do it way better than the news. Because the news doesn’t know Jack and they’ll always get it wrong and they’ll always tell it to us way too late headlines. Let’s look at those just get a feel for what’s going on in the market. But, for now you can actually start to read the market before the news.
This article is a transcription of a video made by Jasson Pizzino
Original video: https://youtu.be/NtTEPoqZ7dQ