We sold the top on May 10th. But it doesn’t help anyone, if you just tweet that. No one learns anything from it. That’s why I decided to make a thread, explaining my decision. Huge shoutout to my mentors @CryptoSays and @trader1sz. Both played this correction very good.
First, plain and simple market structure. We had our first lower low on the daily in a long time. Waited to confirm bearish trend with a lower high, it came on may 10th.
Second, we had this range in play for a while before may 10th. It was meant to be a range high to range low play, then decided to wait buying back because of the lower low. Thanks for introducing me to ranges, @trader1sz
Third, Ichimoku. We dropped below the kumo for the first time since last fall. Then followed it nicely, but got a rejection on the 10. Confluence! Thanks for introducing me to Ichi, @CryptoSays I can only recommend his seminar on it!
Fourth, TIME. We had a Waves&Particles Daily Pivot on the 10th. Thats what made me look very close to price action on that day. If you want to learn more about W&P, get in touch with @CryptoSays its inventor.
Fifth. This Gann box, we got a rejection on the diagonal line on the 10. And with a time pivot coming up shortly after, the trend could already be seen... #gann
Six, Sentiment on Twitter. Literally 99% was bullish and expecting new highs on BTC and alts, many were saying altseason hasn’t even started. When everyone is euphoric, it is wise to take a contrary position.
Few examples of Traders I follow that were leaning towards a correction way before everyone else started to ger bearish (this week at support). This made me feel confident in my decision. Shoutout @CryptoDonAlt @TylerDurden and @CryptoSays
Like @trader1sz nicely said, I was also looking for fear in the markets before I was willing to look again for entries. This week that day came. Up until now still waiting and scaling in slowly.
Key Take Away. I always show these two monkeys to people and they always think I’m joking. It’s really not a joke tho.
In market extremes, it makes sense to consider a contrary opinion on the situation. At the top and also at the bottom. Thanks for introducing me to H. B. Neill. @TylerDurden and @CryptoSays Sorry for tagging you so often lol.
I wanna end this thread with this tweet from @CryptoSays. Remember: PLAN AHEAD OF THE HERD. I hope this thread helps to be ready for a correction like this. feel free to DM if you have questions.
I forgot to mention @888Velvet He has a often very contrarian view of the markets. He is a little crazy! But I love his style and he has some real alpha! Thanks for your work. 👏🏼
Jack also always has great insights and definitely belongs into this thread. Watch his videos and read between the lines, he was also telling you to be cautious. @BTC_JackSparrow didn’t impact my decision to sell this time, BUT many other times. Great man.
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