A Beginner's Crypto Diary - #3 Short Term TA

Another busy ten days for old Kim... I did not possess much time for TA and could not make many moves in the Crypto world.

Nonetheless, I am happy to say that the prediction from my last post appears as largely accurate. There occurred wild swings here and there and everywhere. Getting a rejection from the 10k resistance would certainly cause that outcome.

Except... the swings have been far wilder than I could initially anticipate. Although I did not state this, I actually didn't expect the price to fall below 8k. The recovery from that seems completed yet I and the other gentlemen within my circle still retain the grueling feeling that we will fall again. The next resistance for that would appear at around 7.5k.

I do not wish to make any predictions however other than that it seems the way back to the top appears as a long one. We must still pass the big resistance of 9.4k which we did rather well at the start of the month. Perhaps it remains in store for us at the end of this month?

Let us turn our attention to the chart I kept the pleasure to draw for you. We can see the big resistance line at the top and some odd figures in yellow. In the community people may call these structures 'Bart Simpson' heads. They represent an odd feature of an unregulated and highly volatile market - whale games. Or as I prefer to call them 'Whale Ping Pong'.

The heads so far appear as largely unpredictable, supermassive explosions of volume. You can see so on the chart. After periods of relative calm a sudden candle either up or down will formin as little as 10 minutes. Does that seem peculiar to you?

I predicted wild swings in my last post and I appear as correct. However, these structures remain highly difficult to predict. Any short-term TA reminds confounded by them and the whales that work in collusion to form their appearance. A suitable plan for the short-term may lie in tethering at the next green Bart Simpson head and buying in at the red one.

I keep in touch with colleagues who enjoy leverage trading and it seems to them that these random jolts can show their signs extremely early, right before their occurrence but only if one pays attention to the chart for the whole day. As I contend my time for other matters I do not possess the means to delve into such quantum-scaled analysis.

My only suggestion for the medium term lends to the 'HODL' strategy at least until we reach near 9.4k again. If we do and we remain rejected then it could prove fruitful for another sudden dip may occur from the depths of the ocean, as the whales get poised to sing their hallowing songs.

Keep tuned for the next issue. In the meantime feel free to visit and say hello at the /r/China Discord server where I work pro-bono as a moderator. You may also add my WeChat ID: Philanthropy.