Bitcoin market analysis june 6
Hi all, market is consolidating while inching higher on western exchanges. This is certainly a good sign in terms of trade setup, a small flag on the 4 hours on bitfinex. This shows strength rather than a top. A top is usually accompanied by large volume and volatility. What we are seeing in price action is that traders are accepting this price as "fair". Trading volume and volatility is is not big, pretty hard to see that on a rapid push up.
I am still holding my long from 547.5 on quarterly from a few days ago. I must be patient with riding the trend. I must act consistently with Mr. Partridge's experience in a bull market. The worst thing as a trend trader is two things: 1. trading a trend when it doesn't exist. 2. Selling out before the trend ends. Now I am not saying we cannot top now, I am saying the trend has to prove to me it has ended before I get out of my long.
I have not been posting too often about market updates lately. I have been trading pretty frequently across ETH and BTC. Also working on a personal ETH project which is pretty interesting. If you have any question, feel free to ask them away. Response to the Eiffel tower pattern