Crazy! Totally crazy!
The cryptocurrency market has gone insane in just one day. ETH has skyrocketed by 30% and is still rising. Who is buying?
Actually, no one is buying! It’s those idiots who shorted the market that are self-destructing! They started shorting ETH at $3000, and now they are all finished! A full $10 billion worth of short positions have been blown up in succession!
Remember at the end of March we talked about this, I initially wrote the wrong number; actually, it was $10 billion in funds shorting ETH, and it was bound to explode eventually. I thought it would blow up in April, but it dragged on until May.
Here comes the key point: there is a critical resistance level for ETH around $2425, which is the 0.382 Fibonacci retracement level. The surge may pause here. Friends trading altcoins might consider taking profits and waiting for a pullback before re-entering.
The altcoin market won't end in a day, but this surge has been too intense; chasing highs now carries too much risk. I prefer to wait for a pullback. For instance, with PEPE, it would be safer to enter if it retraces to around $0.105.
Yesterday, we entered PEPE at $0.088, and I used 20% of my position to bet on this tail end of the market. I didn't expect this tail to be so fat; I made a fortune in just one day! If PEPE retraces, I will use 30% of my profits to continue trading, pulling out my initial capital first. This is my strategy; you can decide how to operate based on your own risk tolerance. Those who seek stability can observe, and the aggressive can do as they wish.
If you currently feel helpless, confused, or want to learn more about cryptocurrency and gain first-hand cutting-edge information, click on my profile and follow me. This bull market won’t leave you lost again!
