Experiencing Bitcoin FOMO? Read This

The cure for FOMO is to learn to recognize when a move is getting exhausted and is ready to reverse. Today, I have an example of this to show you in bitcoin. [Jeff Clark's Market Minute]( Experiencing Bitcoin FOMO? Read This By Imre Gams, analyst, Market Minute The Fear of Missing Out, also known as FOMO, has bankrupted more traders than I can count. Giving in to FOMO usually ends badly. It’s simply human nature to buy tops and sell bottoms in the market. In fact, this is one of the most frustrating cycles that amateur traders experience. Recommended Link [Former Goldman Sachs Director Reveals Plan for New “Cash Shock” in America]( [image]( A massive change to the U.S. dollar is underway… It won’t just affect how you purchase groceries, gas, and consumer goods… But it will affect your current bank account, savings, your job, even your personal freedoms. A former Goldman Sachs managing director is revealing this new [“Cash Shock”]( in America. So, if you are banking with Wells Fargo, Bank of America, Chase, PNC, or if you have more than $1,000 in savings… Then please get ready… [Because the world’s most powerful groups…]( MIT, The Gates Foundation, The United Nations, Visa, 77 global Governments, the world’s most powerful group of unelected officials, and a new Executive Order from President Biden… Are igniting a “Cash Shock” that could soon transfer $40 trillion OUT of the system. If you’ve often wondered why America has become a land of extremes… Where the winners take all… while everyone else settles for the scraps… then [this]( will explain everything. [Click here to see what’s NEXT for America…]( -- Amateur traders consistently find themselves getting in on market movements just as they’re about to end. This leads them to believe the market is actively conspiring against them, because seemingly the moment they push the buy button the market starts to sell-off. The cure for FOMO is learning to recognize when a move is getting exhausted and is ready to reverse. Today, I have an example of this in bitcoin. [I last wrote about bitcoin on February 23](. At the time, I suggested that traders should consider closing out their positions as a pullback was well overdue. Sure enough, bitcoin topped out that same day and pulled back by over 22%. Since then, bitcoin has gone on to rally almost 48% in less than two weeks. That’s truly an incredible move, and if you missed out on this melt-up, you might be suffering from a bit of FOMO right now. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. Let’s look at a current chart of bitcoin so you can see why buying right now is likely a mistake. With a bit of patience, it’s likely you’ll be able to buy bitcoin at a relative discount. [(Click here to expand image)]( There are two key features to this price chart: - We have the 20 and 50-period moving averages (MA). These two technical indicators do a great job of identifying the intermediate-term trend. If the market is trading above both MAs, and they are both sloping upwards, that’s a great sign that the trend is to the upside. As you can see, that’s exactly what’s going on with bitcoin right now. This information tells me that so long as the MAs are in this condition, I want to be a net buyer of bitcoin and not a seller. Here's another important observation we can make using the moving averages... Notice how prices have pulled away from both MAs. When prices pull away from the 20- and 50-period MAs, that’s a sign that the market’s move is getting exhausted, and we will eventually see the market pull back to its moving averages. This is known as mean reversion. - The second important feature is the bearish divergence between the Relative Strength Index (RSI) at the bottom half of the chart and the price of bitcoin. The RSI measures momentum in the market. Whenever it diverges from the price action, that’s a very strong sign that the market could reverse. Notice how the RSI peaked at the beginning of the year. At the same time, the price of bitcoin kept steadily climbing. This divergence between the RSI and the price of bitcoin is a warning signal that we are likely due for a sharper pullback. [Finally, gain financial freedom in 2023 using this method]( The next major objective for bitcoin bulls is to test a resistance zone roughly between $30,000 and $32,000. This would bring bitcoin back to where it was trading in June 2022. To take advantage of this opportunity, it would be ideal for bitcoin to pull back to its 20- and 50-period moving averages. This would afford traders a great price point to get back into a still developing uptrend. That means bitcoin could trade as low as around $24,000 before starting its next major leg higher. Happy trading, Imre Gams Analyst, Market Minute READER MAILBAG What are your thoughts on bitcoin? Are you bullish, waiting for the next breakout… or skeptical and bearish? Thank you, as always, for your thoughtful comments. We look forward to reading them every day. Keep them coming at feedback@jeffclarktrader.com. IN CASE YOU MISSED IT… [We’ve got what you need to profit through this latest financial crisis]( From 1990 to 2010 – when he was actively running hedge funds – this market wizard [never had a single losing year.]( And not only did he manage to turn a profit during the 2008 global financial crisis… 2008 was his fund’s best year. It made $95 million for its clients. So, if you’re looking for a new strategy to make big gains this year… after we’ve seen more banks collapse and volatility shoot up… Larry Benedict has come forward to share his secret to making millions. And how you can use it too. [Watch his video here.]( [image]( [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-752-0820, Mon–Fri, 9am–7pm ET, or email us [here](mailto:contactus@jeffclarktrader.com). © 2023 Omnia Research, LLC. All rights reserved. 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