Rusty's issues, missed trading opportunity (or maybe not), et al.

Rusty went missing a few days ago and there were a couple of reports that he might not be coming back because readcash might be ending soon but fortunately, he got back after some days, but I noticed the tipping system has been changed again and I guess that's why rusty went missing for some days, he probably went through maintenance or reprogramming.

Earnings have become even stricter and slower than before and it has even stopped for some people, this in turn has affected activities here as a lot of people have given up and reduced the amount of time they spend here or completely stop coming around. It is starting to affect me as well because aside from the earnings, interactions are also what make blogging here fun but there isn't much interaction happening around here lately.

I know some people said they will continue blogging here even if rusty goes off completely but judging from what I saw a few days ago, I realize that was easier said than done. No matter how we try to convince ourselves that we can continue to publish articles every day on this platform even if rusty is completely gone, we can't deny the fact that his presence is a huge motivation and it's the reason why we keep coming around every day.

It might be easy to keep writing for the first few days but reality starts to set in after a while and you find yourself losing motivation daily, you find it hard to keep doing it consistently especially if you have another platform or two where you blog. "Why divide my attention and time focusing on both platforms when I can just focus on the one that is beneficial and has lots of opportunities?" That's the question you will start asking yourself one day.

My trading dilemma

Source

I talked about the price of BCH in my previous article and I mentioned I planned on selling when the price gets to $140 or higher. Yesterday, BCH rose from $122 to $132 (+10 dollars) and I was hoping it will repeat that move today but I knew it was just wishful thinking but a brother can only hope, right? 😆

I could have set a sell limit last night before sleeping BUT a part of me felt I might wake up to meet the price around $160 or even higher and I won't be able to take advantage of that because my order would have been activated once it gets to $140 (is it greed? Definitely). The price was around $133 when I checked in the morning, not much different from yesterday's price.

I kept monitoring the price in the morning and then I realized it was actually going to pump, so I set a sell limit at $140 and I left to go do other things. I came back a few minutes later to see that the price is now $135 but it rose to $139.3 before falling, I was so close! 😩 If I was around when it rose to that price, I would have sold (or maybe not!).

I was waiting for it to go up to that price again but the bears kept dragging it down and the price kept ranging from $133 to $135. I spent several hours analyzing the chart using the tools I learned from forex but I know forex and crypto trading are different because crypto is highly volatile but they still share similar features!

First of all, there's very strong support at around $113, what does this mean? Well, in the ideal world, BCH's price will always bounce off that point whenever it dips, it won't go past that point any time soon unless something goes wrong (again) in the cryptoverse that will force it to go below that point. I also checked the current support level for BTC and it's roughly at the same point as BCH (I don't mean the same price 😉)

I know it's really technical but I love talking about these things when I figure it out (or when I think I do 😆). Right now, my instincts are telling me that prices are going to pump later this week but when will that happen? I don't know yet. Am I sure? Nope, and like I said before, all these things might be possible in an ideal world but the cryptoverse isn't exactly an ideal wrong. Something I find interesting is this particular candle in the picture below

It has been switching between red and green for several hours now and depending on which one it becomes when the market closes for the day, it might mean boom or doom for the rest of this week. After all these, what exactly is my prediction for tomorrow? Well, I predict the price will go up tomorrow judging by the current green candle stick.

But you shouldn't take what I say serious, I might be dead wrong! I'm not a financial/crypto expert and I'm only saying what I feel, so do your own research before you do something crazy 😆 I just have to wait till tomorrow and see if I'm right but before that happens, I have to go cancel that sell order before sleeping tonight, I'm pretty sure BCH won't get to $140 before I awake in the morning but one can never be too careful.

Thanks for reading 💖💖💖

Wednesday August 24, 2022