EOS example of SHAKEOUTS
BTC is in a resistance filled zone where it will bounce up and down and mostly end up going sideways (most likely imo). The drops we see from BTC shake ppl out looking to rebuy lower and here I present a problem with this strategy if you are holding strong alts. EOS traded up to 6.28 when BTC took a fall from 9150 and fell down to 5.95 by the time BTC bottomed (temporarily or not) at 8750, as BTC was consolidating at that level deciding whether to go back up now or set up another leg down, many probably waited to reenter (I did too for parts of positions sold at 9k). BUT BAM! EOS goes up 15% in 1hr, ICX, SALT and others did the same vertical jump to new highs off the Mar 18 lows within minutes of BTC finding support at the 61.8% retrace of prior wave up.
The algo shakeout was a success. Now that normies are shuffling back in picking up coins at increased prices, they can take BTC back down and let these big moves retrace.
You have been warned by many and I will warn you again here....trading these ranges is tough and risky. With moves like this happening, just hodl and eat whatever small loss a retrace will bring bc the bounce up can be violent and you will miss out on profits that would have been yours had you not decided to lock in and reload lower.
If you managed to skip the fall and catch the bounce...you are my hero.
GL
The algo shakeout was a success. Now that normies are shuffling back in picking up coins at increased prices, they can take BTC back down and let these big moves retrace.
You have been warned by many and I will warn you again here....trading these ranges is tough and risky. With moves like this happening, just hodl and eat whatever small loss a retrace will bring bc the bounce up can be violent and you will miss out on profits that would have been yours had you not decided to lock in and reload lower.
If you managed to skip the fall and catch the bounce...you are my hero.
GL
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