Crypto Market Action - Have You Learned from the Past?
Figured we'd change it up a bit a do a little self reflection given the recent action in the crypto market.
Lessons Learned and how to Proceed
If you have been in the crypto market the past couple years you have taken quite the ride. We had the highest of highs and the lowest of lows.
But did you learn anything from it?
I know I have learned a few things and will be ecstatic if I can execute on them even just a little bit.
Moves seem to go further than the targets
One thing I noticed in the last bull market and then even just this past week with BTC is that when price starts moving up like crazy it tends to blow past the obvious upside targets on atleast an intraday basis before pulling back lower or just even closing at the targeted level.
Essentially, when I sell at my target when price is moving up more often then not price has continued higher in the very near term.
Basically I'm probably better waiting till it shows a real slowdown, as in more than a single red hourly candle.
Large quick sprints
Is it me or does it seem that the majority of moves are made with a 3-5 consecutive big days and then everything else is basically a grind until the next sprint so to speak?
Anyway, there are other things I can list that are floating around in my head space, but this post is meant to get you thinking about what you have noticed and learned about the way crypto prices move.
Be better, do better.
It's wise to always be aware that "the market is irrational".
Exactly, and the market can stay irrational longer than we can stay solvent.
I have learned not to be greedy and take profits when you can because things can change very fast!
Yeah, basically anytime I see a coin start moving higher in a near vertical line I book some gains.
The market is not mature enough to remain rational for a long period of time. That is what makes trading so dangerous as you can miss the majority of the moves by missing a handful of days!
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