We have seen the BEAR in force in the past few days and many are worried if to hold or liquidate positions.
Well before you finally decide, I think this write up might be able to help you in good decision making.
Like you know, I am a technical analyst as well as a trend follower. I use my readings of price and volume action to play in any market (stock, futures, spot, commodities) and this as serve me well.
My portfolio in the crypto market too as at this morning has gone down by 10.72%. The question is, "Am I perturbed?" My answer is a resounding NO!
The market has been bullish since late 2023 and we have also seen two minor corrections in this year alone. WHY? Everything that goes up most come down. Albeit, you need to determine what sort of coming down this is?
I have taken my time to look at most the the listed coins and tokens via their price and volume action and I have seen the following:
1. Most have violated their 7-Day Moving average but are finding support within their 25-Day moving averages on DAILY CHART which is a key bullish/bearish indicator for me.
2. It is just few (like POLS, SC, etc) that have broken their 25-Day moving averages on DAILY CHART
3. The few that have broken their 25-Day moving averages are finding strong support within their 99-Day moving averages which is another major indicator.
What does all these technical jargons mean?
I will put it is simple words. I only get worried when majority of listed assets violate their 99-Day moving averages on the DAILY CHART on heavy volume - this will mean we are going into full BEAR market and at that I just liquid my spot position and move to selling short in FUTURES market.
As long as majority of the listed coins/tokens are still trading above their 25-Day and 99-Day moving averages, the BULL is still from being over.
Let us see how this week goes as I expect a reversal upward from these moving averages and if it doesn't change, I will inform my followers!
Keep tune to my contents.
I am committed to my financial success in the market as well as yours!
