Bitcoin’s Price Due For A Pullback, Crypto Influencer Says

Click here to view original web page at www.forbes.comCrypto trader and influencer Josh Olszewicz talks about the current state of the market, as well as his methods and journey as a trader and investor.
These are the podcast episode notes from an interview with crypto influencer and trader Josh Olszewicz (CarpeNoctom on Twitter). Listen to the Crypto: Secrets of the Trade interview on Apple Podcasts or Whooshkaa.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
(Comments stated are relevant to the time of the interview. As time progresses, dynamics change, leading to potentially altered variables and outcomes. Price analysis can be speculative and based on opinion.)
Bitcoin’s price action has been hot over the past several weeks as the asset has surged upward with vigor. Crypto influencer and trader Josh Olszewicz said he expects a pullback coming up for bitcoin.
"It’s to the point now where it’s like if we don’t pull back, the pullback eventually that will come will just be super painful," Olszewicz told me in a podcast interview on May 29, 2019. "There’s really no other good reason to pull back, other than we should have already pulled back."
Due To Cool Off
The crypto trader mentioned people often express shock and nervousness when big corrections occur, even during an uptrend, although such pullbacks simply are part of the market. Olszewicz pointed out several clues on relatively high timeframes that indicate to him that bitcoin’s price may be overextended at the moment, including bearish divergences and overbought signals, as well as other tip-offs. The formation of certain chart patterns may, however, alter said analysis, pending their formation, he added, noting the importance of updating one’s analysis on a regular basis.
An Overall Bull Trend
As a whole, whether or not price corrects in the short-term, Olszewicz said he believes crypto has shifted into a bull market. "Anything above $6,400 is definitely a bull trend," he noted, referring to bitcoin’s price rally above that zone from its bear market lows. "Anything above the daily 200 EMAs [exponential moving averages], on all these coins, is definitely a new bull trend," he said. "Anything with a bullish 50/200 cross on the daily is a bull trend," he added, in regards moving average crossovers.
Price action below bitcoin’s 200-day EMA, around $5,200 at the time of the May 29, 2019 interview, as well as below the Ichimoku Cloud, a common charting indicator, would be cause for reevaluation Olszewicz explained. He, however, added, "As we sit right now, there’s just no way you can look at this and say anything other than this is clearly a bull trend."
In The Game Since 2013
Talking about his journey and career, Olszewicz said he didn’t come from a financial background. The crypto aficionado has a background rooted in biology, originally having his sights set on medical school. After failing to gain entry into med school multiple times, he stumbled upon crypto in 2013 and became interested in the sector. Student debt in hand, Olszewicz said he "came for the money and stayed for the tech."
Olszewicz said his strategy included dollar-cost averaging into the crypto markets, roughly from 2013 to 2016. He noted a difference in his investment portfolio and his trading portfolio. With regards to the trading side of things, Olszewicz said, "It took me years to become profitable."
Learning to trade, in any market, is an in-depth and elaborate process that includes many facets, such as emotional control and risk management. "It takes a long time to learn, it takes a long time to find your emotional ranges," he explained. Olszewicz described the bull run of 2017 and early 2018, mentioning the emotional swings from the monetary gains that came out of that time period.
Prior to forming his trading strategy, Olszewicz said he often saw technical analysis posted on various crypto chat pages online. At the time, he was skeptical of the validity of such trading methods. Since his early days, however, he has changed his outlook and is now a big proponent of charting technical analysis.
Regarding the learning process for his trading strategy and methods, Olszewicz said,
I just tried to expose myself to as much stuff as possible. [I] looked at literally everything I could to figure out what it is, do I like it, do I hate it, how do I use it, when do I use it, why do I use it, what is it trying to tell me, how can I incorporate this into what I do, how do I figure out if its successful for me."
Trading can be a personal journey, catered toward the individual. Olszewicz described needing to know as much about each method as possible and then seeing if it works for him, on a personal level.
Olszewicz elaborated on many more details and topics throughout the rest of the podcast interview. Catch the full episode on the Crypto: Secrets of the Trade podcast.
Disclaimer: I actively trade cryptocurrencies, as well as hold a small amount of BTC, ETH, LTC, XMR, NEO, ZEC, BEAM, BCH and various insignificant altcoin positions.
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Thursday January 01, 1970