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Announcing Special Crypto Market Report
Emergency Broadcast During Market Turmoil.
Welcome, All Members of the Emporium Chronicles.
On the morning of 5/19, Bitcoin had a capitulation-style event. Wicking into the low 29,000 level before bouncing upwards to 35,000.
Those who preached buying the dip all the way down were inexperienced and unable to see the larger macro picture. Or they were just catering to their audience, as they are forced to operate in such ways. Now instead of focusing on the past, we must move forward and continue moving onward. We won the battle, however, we are also human and are not going to be 100% right in every situation. The profit and insight we share will make up for those times.
For this is the reason why we started the Emporium Chronicles in the first place. Every trade starts with an idea and multiple scenarios. We are living in unprecedented times, think about it. Anyone can learn the skills necessary to profit from their own experiences and ideas, most just do not know how to execute. Others believe the misinformation, and some think of the day-trader culture. None of it is real.
Now back to bitcoin. We truly are a bit shocked to see more did not see an event of this magnitude. Excessive leverage, newfound riches, greed, polarized sentiment, people buying the dip all the way down… all of this leads to a capitulation.
When a market starts slowly bleeding, more and more participants will sell to avoid losing more money. The ones who continue to hold wish they would have sold and as the price continues to fall they eventually all puke their position at the same time. The event is even more intense as we have extremely high leveraged participants in the crypto market.
Where Do We Go From Here?
The question on your mind right now is what do we do going forward? Bitcoin is likely to continue ranging and consolidating giving time for the market to breathe after such a rinsing. 32k-38k. Any lower than 32k and we will have to derisk. When others are fearful have hope, when others are hopeful have fear.
There are a few tricky situations you could be in right now if you didn’t follow our warning publication. If you are holding bitcoin without any leverage, maybe the price even came close to where you entered on the ride to 65k. In the first scenario, you will want to put that excess bitcoin to work. Study the overall market, see which coins held up during this time. Those are likely prime candidates for a bounce.
The risk/reward is strong on days like today.
The schematic I shared with you all in our last report proved useful. Stay calm, and continue exercising patience. You can start to fill up 1/3rd of your position if you are flat. Conserve your resources and capital unless you see an opportunity you cannot possibly pass up. This report is short and sweet. If you want to see what our portfolio looks like on these types of days subscribe to our paid publication. We are offering a 20% discount from now until the end of May. Consider it a one-time trade fee for the year. Which speaking of trade fees, it is likely the exchanges made a lot on fees today. One trade you may be able to watch is $COIN. No, I am not saying to invest or hold it. Just keep an eye on it. It is a simple idea. Without strong ideas, you will have no trades to make.
And for those that took quite a hit, The game goes on.
Take care everyone.