Before I get into it, I saw this yesterday and it made me legit lol:
If that doesn’t sum up crypto Twitter I don’t know what does. Onward.
Alts have been popping lately, and I can’t help but think it’s a game of hot potato. As mentioned yesterday, I don’t think sentiment is bad enough yet for us to call this the bottom of the crypto bear market.
But the way alts have been acting, you can bet that more than a few people are feeling like this is the bottom. Take a look at some of these moves:
These are just a few of dozens of examples I could post.
Don’t get me wrong, I’m not taking shots at these moves. Shit coins pump. They’ll always pump.
But it’s not for me.
The FOMO has been strong as I’ve seen folks allegedly nailing these big runs all over Twitter. My friends are posting chart setups all day in Telegram, trying to capture the next runner.
And I’ve taken my stab at one or two of these, getting out at break even on both.
The thing is… I don’t day trade penny stocks. My strength is in assessing the overall technical picture of the market, taking a position, and staying patient while my setup resolves one way or the other. Generally speaking I do well.
I am not great at pinpointing nearly perfect entries quickly, and getting out just as fast and almost as perfect. One thing about pumps like this is that the dump is never far behind.
Some folks certainly do well trading this coins, likely accumulating for days or weeks ahead of what they expect to be a nice run. But again, that isn’t my style.
My friend JonnyMoe summed up my feeling well today:
Welp, I’m packing it up on my 2019 shitcoin adventures for now.
Till next time.— Jonny Moe (@JonnyMoeTrades) March 13, 2019
If $BTC and $ETH break down like I’m expecting, the guys that are FOMO’ing into these shitcoin trades are going to be left holding the bag, likely for a very long time. I’m not going to be one of them.
Before I get into it, I saw this yesterday and it made me legit lol: If that doesn’t sum up crypto Twitter I don’t know what does. Onward. Alts have been popping lately, and I can’t help but think it’s a game of hot potato. As mentioned yesterday, I don’t think sentiment is bad enough
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