Howdy traders :)
Just a quick update on Bitcoin and I'll take another look at EOS tomorrow (I will do STEEM when it looks pretty again - just trying not to look right now).
So yesterday I posted that I was staying well clear of aggressive longs on Bitcoin til we see a healthy correction/fork biz is out of the way ... well a little vindicated on that front because yesterday's "break" to new highs was a real fizzer:
Granted the sell off was relatively small, but if I'd decided to play that "breakout" aggressively, I would of wiped out an account. 20:1 leverage means if the market goes against you 5%, you lose 100%. The correction was 5.9%. Buying dips and breaks is exactly how I've been playing this thing, so pretty damn lucky I've become a little dubious on the rally lately and lowered my risk profile.
In related news, Tone Vays came out and called a corrective top today on Twitter:
"PIGS... they get Slaughtered"-Gordon Ghekko, Wall Street 2
'Might' be 1 more #Bitcoin $BTCUSD push higher next week. But I'm Calling a TOPNovember 5, 2017
He's pretty sure it's run out of steam and he's worried about how deep the correction will be - saying active traders should adopt a "wait and see" approach. I'd have to say I agree: was already worried about this ting yesterday and now we have the makings of a Head and Shoulders topping pattern on the 4 hour. We are way over extended and could see a deep (yet healthy!) correction.
Of course, as I said yesterday, this thing could just keep on roaring as people scramble for free coins. Bottom line is I'm playing it real careful at these levels - flat for the moment.
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