‼️ Why this is $NOT the time to buy ⁉️
If you check the crypto market today, you will be welcomed by an endless field of green candles. Almost every token is up 5%, 10%, or more. This is awesome 🥳
Naturally, many people tend to FOMO and start buying.
However, if you haven't bought it a few days/weeks ago, this is probably the worst thing you can do.
Here are three reasons why you shouldn't buy now:
👉🏻 $BTC still trades in its downtrend channel. As long as it doesn't break out and make a higher high, we can drop as fast as we pumped today.
👉🏻 Although it looks like #Bitcoin broke out of its inverse head and shoulders pattern, we still want to see a close on the daily chart and, in the best case, a re-test of the neckline.
👉🏻 We can see tons of trade signals popping up on the chart.. However, as you can see, most of them have a poor or low probability —in other words, we need confirmation here, too, and don't want to trade lousy signals.
‼️ Of course, it is tempting to jump in once the market turns green. However, trading, first and foremost, is about risk management.
Therefore, from my POV, waiting for confirmation, a break of vital resistances, and/or quality trade signals with a high probability is essential.