Although the GBTC unlock may not in and of itself cause a major correction, the days leading up to it most likely will.
The most reliable indicator I have found for minor corrections is when the reaches above 80. It may float for several hours at this level, but will normally indicate a downturn. Note this is reliable only on the 4 hour and allows safe entry so you are not chasing candles in lower time frame. I personally see no need to snipe the Market, so 4 hour is my trade cue. (I also use the one hour and will enter if a $700 move is detected on a candle prior to the 4 hour flipping red/green.)
Timing trades to take advantage of this has proven successful. It is one of a few indicators that I use in confluence to time market moves. It is by no means perfect by itself.
If the chart plays out as expected, correction will happen beginning Sunday start of day, with an additional downturn mid to end of next week.
This is a Bear market. It will not last forever. Many argue that we remain in Bull Market. That is hopium I am not smokin’. Greater than 50% drop and sustained indecision is not no matter how many rockets get posted in chat.
I am seeing some nice 2x-4x entries in ADA, XRP, AMP, MIR, FIL and maybe MATIC. CGLD also has potential if it can go back down to around $2.00. DOGE is risk/reward 5x, but it is a tenuous proposition as its reputation fades. I hold a lot of DOGE and will probably rebalance my entries this week.
Please note that none of this is financial advice. I am no better at this than a below average trader. But, I can spot trend repeats. And the above-mentioned indicator is only that.
This coming week should prove a great time to HODL buy. I will fill bags this week, even at the risk of another short term downtrend before October. GL
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