I probably work the hardest when I make a mistake. I really strive to understand what I missed, and I make a commitment not to do it again. I assume there was a clue to the latest sell-off, and the best traders cant miss them. While I dumped some of my portfolio at the top, I took a drawdown on the recent BTC correction. So, what did I miss?
I don’t typically follow You Tubers. I have 4 that I check in on now and again, but to be a successful independent trader, I feel I have to be capable of forming my own theories. Whether I like it or not, a lot of what these people say places biases in my thinking. The downside is that I can easily miss something if my vision is too narrow. What did I miss? I didnt miss anything, but I misinterpreted a critical coincidence.
I am a big fan of the Blockchain Backer’s training class. He presents a very viable method to invest in crypto based on rotation. I took the course at $49, and frankly it was money well spent. He articulated a solid “when to sell” strategy. It was a weakness in my game which is why the money was well spent. He also analyzes the market and specializes in XRP. It’s hard to put into context why he called the sell-off without understanding the details of his methods, but I’ll give you the 2 key points that stood out to him that made him very nervous the day before the crash.
First off, he creates a .702 fib retracement line. It is one of the cornerstones of his thinking. It’s exactly between the .618 and .738 fibs. It turns out to be a recurring critical point. Move above it, the retracement is likely to be erased, but get rejected by the .702 it can turn into a major rejection. His training shows endless examples of this. I’ve been concerned because I knew we were getting to .702 ( 54K ) on low . But what I didnt see was what he was concerned about in the video the day before the crash. Michael Saylor was out organizing retail investors to buy BTC . He gives a similar example in the video. When institutional investors are pushing retailers to buy after a major rally, it’s now going to make me nervous. I saw the news, but I didnt analyze it correctly.
I highly recommend the video and the training course. I have no affiliation with the Blockchain Backer. He is a very solid technical analyst in my opinion because he uses a consistent set of tools and keeps his thoughts in line with the consistent application of those tools.
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