"Sorry Babe Gotta Protect Our Bitcoin."
Last night was the first time ever I pulled an all night trading session. After a crazy day on the sell side I could smell an opportunity. So I decided to stay up and watch the markets and protect my long position that I purchased. Selling as it went up and buying back on the inevitable dips in a market that was bearish. It was not easy but it looks like it will pay off nicely.
What happened in the markets yesterday is rare. For the non traders out there the best thing you can do is not look at your Crypto Currency stats for a few days. The traders on the other hand need to get in and get dirty.
My Trade for the Post China Bitcoin and Crypto Currency ICO News Apocalypse.
I do not believe we will continue to see Bitcoin and the Crypto Currency markets plummet today. Here are my reasons.
- Institutional traders in the US are back to work today. The market already had a huge move downwards. They will want profit and the easiest way to do that is to reverse the trend.
- The China news was blown way out of proportion. Bitcoin was just an innocent bystander.
- There is a ton of capital locked up in USDT that will be unleashed on the markets if the traders feel it is safe to come back in.
- The Bitcoin bullish trend is still intact.
- Bitcoin tested $5k the other night, now in the coming week we will likely break it across all exchanges.
The Possible Downside for Bitcoin.
I am not a perma-bull if you have noticed. I was short Bitcoin the other night when it was testing $5k. Markets don't go up forever and specific milestones are always a good time to short. The pullback and the news out of China were too much for the weak hands to handle and it caused a cascade effect. If for some unknown reason the markets lose $4000 today then all hell will break loose. Let's hope that does not happen.
