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Bitcoin Price Action And Possible Reaction To Legacy Markets

Bitcoin price action and possible reaction to legacy markets

For the past two years my way of trading crypto has change a lot and also I have learn how to adapt to the market conditions, I have practice many ways and strategies to trade the crypto market, some have work and some not so much, through this journey of three years there are a few phrases that have really impact my way of trading, here just a few

“Are we trading or we gambling?” essentially to avoid getting greedy and take profits
“Trade market not your PNL” to avoid forcing trades and recognize when Im wrong
“Show me the chart and Ill tell you the news” don’t trade base on news, most of the time is just noise

When ever I feel that I’m doubting my strategy, feel greedy or I’m loosing always remember this phrases to change gears and get back on track.

Its no different to the current market situation, with this amount of volatility I have been most trading futures for altcoins, I don’t trade that much Bitcoin but it is still the asset that dictates the curse of the rest of the market at least for now, I made a video a couple of days that was targeted mostly to new adopters to answer that constant question “should I buy now?’, I knew a drop or correction was on the works but ironically it happen a day after I post this video https://peakd.com/blog/@cryptoxicate/should-i-buy-bitcoin-right-now-2020

I believe that at the moment of this post we have not seen a substantial correction, based on previous data from last bull market of 2017 where more than three times Bitcoin correct over 25% during the year, right now we have only experience a 10% but despite the lack of importance that I put to news when it comes to my trading, on Monday November 9 we will have the first reaction from the traditional markets to the new president of United States of America, the word on internet is that legacy markets may not feel comfortable with Biden as president and a drop on legacy markets my happen, this could affect the crypto market as we have seen it before despite the temporary decouple of Bitcoin and traditional markets, although keep in mind that 70% of the time Bitcoin has been correlated to traditional markets or the S&P500.

Here the Daily Bitcoin Chart:

It is my opinion that based on FIB retracement levels, previous support that Bitcoin may see anything from $14,500 to $12,000, right now I think that this 10% still has another leg down and could be spark by a drop from the rest of the markets in USA on Monday, probably what we saw on this Saturday was just a taste of whats coming, I’m not in any position right now nor spot or futures, mostly have been scalping and taking constant profits on every trade, I still believe we are in a bull market but to feel more secure about the price of Bitcoin I think first we need to get over the previous high zone that starts around $15,300, if Bitcoin starts moving sideways below this zone, altcoins may have an opportunity to gain some traction as Bitcoin Dominance lowers but still a possibility of another leg down is on the table.

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