#CryptoTwitter has reached a point of being absolutely unbearable due to a virus that I like to call "Let's make sh*t up & claim its Technical Analysis"
This tells me that we are likely to see significant movement relatively soon (inside the next 2 wks)
Just to help people out
When you see someone post magical-looking charts over a long time frame that has a couple of hindsight examples only...
You will also notice that most of those people have ZERO track record of successful or accurate calls
Don't be fooled
Keep this in mind
The most popular accounts on CT have been openly bullish or openly long from $65k to $28k and then again from $69k to $33k
Let me make this clear. Those people don't know what they are doing. That is not shade, that is a fact
The funny thing is whenever we do bounce
All these same people that have been wrong all this time will receive the most growth & the praise
YOU have to be able to see through the virus if you want to make it
(Examples: All XRP accts, Moon guy, Bit trash guy, Broken model guys)
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Avoid big losses at all costs. The higher your % loss, the higher the % gain you need to get your money back. On a 50% loss, you need a 100% gain to break even
Control Risk
Know your exit criteria before you enter a trade.
Exit as soon as the reason for your entry is not valid anymore
Liquid Assets
Liquid assets are easier to exit. As a matter of fact, technical analysis is more reliable w/ highly liquid assets.
Large volume makes it much more difficult to manipulate an asset
Buy Strong Assets Short Weak Assets
A strong asset has less overhead resistance & better "flow"
Just The Charts
Trading for a living requires different skills. Everything you need to know is right there in front of you. If you can’t see it, it probably isn’t there.
On this first schematic from May 1st, you will see the "weak accumulation schematic" that has a LOCAL distribution built-in which was ALWAYS my primary read
Wyckoff is a word that most shouldn't whisper until they take a year-long deep dive into the subject
Due to the fact that short dives into Wyckoff get the amateurs hung up on schematics when Wyckoff is about an open-minded look at the trading range w/ the goal of identifying the phases
Here is my chart from May 6th that showed the Distributive side of this bigger picture view
However, immediately upon dumping, I wanted to point out that my Higher TF view was still a LOCAL DISTRIBUTION inside a HTF reaccumulation (where weak hands transfer supply to Strong hands) & wanted to point out that a reaccumulation story was still alive