I want to be ready for a shakeout like June 2016, July 2017, September 2017, May 2019, etc. especially after 8 green weekly candles.
What does being ready mean in this context? short the falling price? or wait the dip to long it?
Closing longs, waiting for a new trading setup. Cash/stablecoins on exchanges, waiting to buy the dip. I don't like to short strong uptrends like this.
It partly just means not having my head in the clouds. Many people in my feed are already counting their millions, planning on lambos. They don't expect a crash at all. When the price dumps 10-20% in a day (as happened during those crashes mentioned above) a lot of them will panic and will eventually get shaken out.
I plan to be on the opposite side of that, buying the blood.
Sensible move. In that context, the next downwave could see sub 7000 again, so there is a lot of meat for shorters. However, shorting BTC is an exceptionally hazardous trade, so waiting for long entry is the safe bet.
Putting it from the other side of the coin, 10k is one of the worst possible levels to buy at this time . That remains so 'until its not' , at which point shorts get slaughtered, but I don't think we are there yet.