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Bitcoin showing defensive resilience

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At the time of writing - 07:12 am - Bitcoin is showing strong defensive qualities and true resilience compared to other cryptocurrencies which are demonstrating sharp corrections which I am sure are healthy and needed before the next leg up. 

 

Bitcoin seems to be behaving like gold within the cryptocurrency universe. 

 

It is such a volatile and crazy market at the moment that by the time some read this post, Bitcoin, may have even declined more than other cryptos. 

 

:smileylol:

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,

 

I take it you are referring to the Wyckoff Trading System? One assumes you are using some sort of algorithm? If you use it effectively to analyse patterns in waves and volume to help you identify any supply and demand imbalances. Having an 'edge' is extremely important if one wants to be profitable not only in the short term but in the long term too and continue not only to survive trading in the markets but be consistently profitable. This may help you obtain an 'edge' if used correctly and effectively. 

 

At the time of writing 8:00 pm Bitcoin is down around 4% where as other cryptos are down 10%, 12% and 16% showing that when there are sharp corrections in the crypto market then Bitcoin offers better resistance to the downside on such corrections. This assumption obviously needs to be tested going forwards but I am putting the theory out there for anyone to test should they wish to do so. 

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TF 

 

Very good observance you have excellent teaching and writing skills .

 

An edge is present before any trade is placed, the broker has an edge, the market has an edge because the market calls the first shots, even a trend trader does not have an edge.In fact there is a negative edge of high dealing costs on cryptos,negative market edge and finally humans are born with a negative edge mindset in trading. a lack of a mental edge Trading is a highly competitive mental sport with a negative mental edge.All technical,system, method,analysis etc are worth zero, without a mental edge.

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