Sometimes No Play Is The Best Play - I'm Doing Nothing. by the-bitcoin-dood

hive-167922 · @the-bitcoin-dood · Jan 23 '22 (edited)

$19.84

Sometimes No Play Is The Best Play - I'm Doing Nothing.

A few people asked me how I'm handling this crypto dump right now. For the most part, I'm just watching and waiting. We are at a key level of support / resistance.

#### One Week Chart
![krakenbtcusdJan22202219524.png](https://i.imgur.com/jrAb2zm.png)

Once we dip below this $35K the next level of support is between $31K and mid $29K with very thin support to around $28K.

#### Three Day Chart

![krakenbtcusdJan222022195747.png](https://i.imgur.com/atvZX6o.png)

Best case scenario, support holds we retest this $41K range. The lower low is a bit bothersome though. If we break through $41K and rest above support it starts to make a bullish case depending on market sentiment.

If we fall below that $28K range I'm expecting things to get really ugly! It will probably usher in a full on bear market cycle. The good news is with Wall St and institutions joining the party now, market recovery may not take as long as previous market cycles.

The faster we fall the faster we rise and this is also true of the inverse.

#### Ideal scenario

Ideally, I'd like to see us bounce off this $35K support / resistance level and push through the $41K level making the case to stay bullish. It's also worth noting that both the RSI and Bollinger bands show us that bitcoin is extremely over sold at this level.

#### My Thoughts

At this point I'm just watching and waiting. I'm not buying and I'm certainly not selling. I took plenty of gains on the way up so I'm ready to make some buys when the right market conditions present themselves.

I'm hanging on to the few bags I've started to build. The only things I'm really bullish on now are AMP and BLOK. I'll continue to DCA into these after BTC falls below $28K or I'll beef up all my bags if we rest above that $41K support / resistance level.

#### Current Bags

**XRP** - Sold some, and bought back my position. Not really selling these until after the SEC case is settled.

**XLM** - Generally follows XRP in market direction. Again, not doing much with these until after the SEC case is settled with Ripple.

**LTC** - Whatever, I always hodl a bag of these. I have a few more than I'd care to admit. This happens from time to time.

**Blok** - Already doubled my position since yesterday, will probably double again if we fall below the $28K range.

**AMP** - Same strategy as BLOK... These two were the only dips I bought yesterday.

**Hive** - I'm watching and waiting. I'm always bullish on Hive and I'll probably add to my LEO bag too when the proper market conditions present themselves. (Hive really isn't a bag. I'm always long Hive)

Anyway, that's where I'm at. This is the basic strategy I'm working on. All these are long term hodls. Price targets will depend on market conditions. I'm prepared to hodl all these as long as necessary.

Strap in people. Things are about to get pretty wild!

Nothing here is meant as financial advice. Strictly opinion. Always do your own due diligence and get financial advice from a licensed financial advisor not some cartoon character on the internet who calls himself The Dood!

Hang in there people! #WAGMI

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@the-bitcoin-dood/sometimes-no-play-is-the-best-play-i-m-doing-nothing)

👍 leo.voter, stayoutoftherz, taskmaster4450le, daltono, urun, leofinance, uwelang, lbi-token, ecoinstats, smartvote, roleerob, megavest, dickturpin, kevmcc, bozz.sports, jacuzzi, adambarratt, actioncats, vintherinvest, gadrian, cielitorojo, ew-and-patterns, doifeellucky, eliel, lnakuma, sovstar, coinlogic.online, chops.support, rodent, flowerbaby, jacobts, elgatoshawua, babytarazkp, cugel, onestop, obsesija, thauerbyi, travelwritemoney, krunkypuram, cryptololo, chamathleo, leo.tokens, eddie-earner, broadhive-org, shortsegments, beehivetrader, jocieprosza.leo, gallerani, l337m45732, bahagia-arbi, badge-646464, star.leo, banzafahra, tykee, bothansdyd4this, mindtrap-leo, zaxan, lionsuit, germangenius, amongus, elongate, zeclipse, luckyali.leo, engrsayful, and 13 others

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properties (23)vote details (77)

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uwelang	85,543,132,941	8%
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ahmadmanga	562,591,562	14%
dickturpin	33,470,656,577	100%
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eliel	11,630,011,047	5%
ew-and-patterns	13,122,195,699	5%
summertooth	585,621,141	15%
adambarratt	19,698,276,263	30%
stayoutoftherz	1,308,065,310,112	25%
fauzipase	9,824,913	26%
tykee	849,225,879	10%
khalil319	605,916,432	10%
thauerbyi	2,962,690,636	18%
bahagia-arbi	1,065,960,362	20%
roleerob	42,924,632,106	10%
rodent	5,797,185,331	27%
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kevmcc	28,507,713,929	20%
daltono	385,125,090,861	17%
lionsuit	722,847,618	100%
obsesija	3,123,511,372	10%
gadrian	15,220,229,966	8%
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gallerani	1,201,795,345	20%
rilo	598,737,990	10%
smartvote	48,576,462,821	2.29%
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ejmh	577,345,798	30%
babytarazkp	3,724,005,535	40%
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urun	122,437,255,200	100%
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lnakuma	9,717,499,723	30%
onestop	3,242,576,560	10%
leofinance	109,793,866,853	20%
flowerbaby	5,160,129,417	17%
actioncats	19,563,825,053	14%
beehivetrader	1,320,862,104	10%
eddie-earner	1,793,660,267	30%
lbi-token	84,201,072,887	30%
leo.tokens	1,805,522,830	20%
cielitorojo	14,308,254,256	10%
elongate	664,240,915	20%
amongus	675,593,213	20%
elgatoshawua	3,847,949,513	10%
chamathleo	2,079,683,204	100%
luckyali.leo	644,817,397	20%
star.leo	976,631,474	30%
cryptololo	2,126,699,478	18%
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sovstar	7,667,611,078	10%
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