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.
My thoughts exactly. Even with price moving 1K higher than my closed longs, I'm also expecting another shakeout as ia the nature of volitile crypto markets. Price is bullish but still facing strong resistance is the main concern right now. Reaching 10K makes me more curious about 8K support level that will now be a 20% pull-back if occurs, instead of being rejected by 9K area as I had previously expected (and got tapped out shorting with a fortunately tight stop loss). But either way, I also prefer buying into capitulation in bull trends than breakouts, as there's a lot more gain to be had for starters.
Buy red sell green.