Wow. FOMO has returned here this past week or two! And BTC is crushing everything. Many alts have continued to struggle as BTC makes its bullish move upwards. A few alts are trying to keep pace but this BTC train is rolling!
So yesterday I had posted I'd be watching for the BTC move and see how the 10k test went. Well it came and it went in the blink of an eye. Very impressive from the bulls and they have not looked back. Yet. Price is way overbought on every time frame but I do have a feeling the FOMO is real and plenty of buyers are sitting and waiting for BTC to give them any sign of a pullback so they can buy the dip. My one hesitation is the BTCUSDSHORTS chart which has steadily been climbing. How these shorts have not been squeezed, I honestly have no idea. I would have expected them to be exiting positions quickly last night but instead it continues to trend higher.
Last chart I had exited remainder of my position in high $9,000s and sure wish I had just held everything. But just not my personal trading style. Prefer the low risk entries and lock up profits along the way. I did personally scale into a few alt positions yesterday, none of which are remotely close to keeping pace with BTCs move but all slightly in the green at least. Exciting times back in crypto for the past several weeks. Not a ton of support underneath us outside of $8919 which was only a brief pullback to that area so really looking down at the $7400-7700 area for strongest of supports. BTC has started the parabolic run it loves so will see how long the rally can continue. Other item worth noting is Fidelity and when they will allow for BTC trading. I wrote a lengthy post on this back in first week of May when Fidelity made the announcement and since then BTC has run 100%. My biggest concern was this turning into something similar when CME/CBOE futures came along at end of 2017. BTC made its insane bull run and was instantly met with heavy shorting the day futures went live. Would hate to see a repeat of the same here when Fidelity goes live for its institutions and pro traders with BTC. I have not yet seen an official date for this to start tho if anyone has knowledge of the start date, please comment. For now, enjoy the ride crypto bulls!
Just My 2 Sats!
So yesterday I had posted I'd be watching for the BTC move and see how the 10k test went. Well it came and it went in the blink of an eye. Very impressive from the bulls and they have not looked back. Yet. Price is way overbought on every time frame but I do have a feeling the FOMO is real and plenty of buyers are sitting and waiting for BTC to give them any sign of a pullback so they can buy the dip. My one hesitation is the BTCUSDSHORTS chart which has steadily been climbing. How these shorts have not been squeezed, I honestly have no idea. I would have expected them to be exiting positions quickly last night but instead it continues to trend higher.
Last chart I had exited remainder of my position in high $9,000s and sure wish I had just held everything. But just not my personal trading style. Prefer the low risk entries and lock up profits along the way. I did personally scale into a few alt positions yesterday, none of which are remotely close to keeping pace with BTCs move but all slightly in the green at least. Exciting times back in crypto for the past several weeks. Not a ton of support underneath us outside of $8919 which was only a brief pullback to that area so really looking down at the $7400-7700 area for strongest of supports. BTC has started the parabolic run it loves so will see how long the rally can continue. Other item worth noting is Fidelity and when they will allow for BTC trading. I wrote a lengthy post on this back in first week of May when Fidelity made the announcement and since then BTC has run 100%. My biggest concern was this turning into something similar when CME/CBOE futures came along at end of 2017. BTC made its insane bull run and was instantly met with heavy shorting the day futures went live. Would hate to see a repeat of the same here when Fidelity goes live for its institutions and pro traders with BTC. I have not yet seen an official date for this to start tho if anyone has knowledge of the start date, please comment. For now, enjoy the ride crypto bulls!
Just My 2 Sats!
