Crypto Market Today

You have no reason to be bearish at this stage.

-ETF coming
-Block halving 2020
-More exchange access
-Mainstream media hype
-Books, movies & tv shows
-Fresh Money incoming

To understand the effect of what a SEC approved BTC ETF would mean, let’s take a close at what happened in 2003 when Gold ETF were introduced.

Looking across the market now, currently micro caps lost their steam and many got extremely destroyed, often below their mining cost (those are some awesome longterm entries if you ask me and @jiu). ICOs have a hard time to gather any money unless we are talking about superstar projects that you won't be allowed to invest into anyway. We know alts in general are shaky so all eyes currently are on BTC.

My strategy for next days/weeks? Shorting that 7800-7900 area with a tight SL and evaluating it later based on how strong the rejection is going to be (not seeing it blasting through, if the rejection will be significant I will let the position run, if not I will be looking for longs). With alts - I still got some Idex positions running (QNT and EVE included) but I'm out of binance bittrex etc. until I get some better setups from the charts.

Time for a not so sweet update, bear with me

2 days made a big difference in alt landscape with all bottoms breaking down and reaching new lows (I got stopped out on my SC play). BTC dominance is rapidly growing, so the previous setup that looked perfect now turned into a knife catching fest. Even if I got only into 3 alts during that span, I don't believe buying back most of them was a bad play. Majority of them were sitting at crucial supports with BTC sparking a small reversal, it all looked primed for a prolonged alt rally and I would take that play 10/10 times. It didn't work out so for now I am flat waiting for the situation to play out.

The thing with the current market is that no lazy approach will thrive in these conditions. Everybody is still looking at last year's May and December for opportunities to make bigger $ (as in buy anything and let the whole market pump) but there is no telling when or if that kind of run will ever repeat. Whenever we get a small run like we just experienced you got people saying to not sell for pennies, cause the run is just starting. This is pure BS, especially when we are still in the middle of a bear market, which afaic might not see real reversal for the next 2/3 months.

Pumps on alts will be happening here and there multiple times, maybe even across the board at one moment, but whenever that is going to happen I will make sure to this time be aggressive in taking profits. There is no other single strategy like hodl that rekt as many people as it did during last 6 months and I do not mean only those that bought the tops in January. People are lazy and when they buy local bottoms they do not care to take partial profits or to cut the positions when they continue to dump - majority still has the mentality that the investment will bounce back at one point so they just leave it as it is, crippling their portfolio flexibility. Compounding several 30/40/50% gains can be as profitable as hitting that one home run, but it requires actually effort to manage the trades. During bad conditions it just gives you quick profit while not exposing you to more risk. During bullish conditions sure you might lose on some additional profits but you can always reinvest that in new stuff and of course you adjust the amount of profits you take to keep the position with more potential running. We switched from alt season bullishness to alts will fully retrace in a matter of 48 hours - you gotta be flexible in this market.