It's hard to not FOMO trade sometimes, but a risk-management focused approach suggests waiting for a pullback is more prudent in the long-run, even if we miss out on some crazy pumps.
GAS/BTC is such a case in the short-term. It has been rallying sharply during the 11/17-11/18 sessions. We first anticipated some pullback from 0.00366 area, but the 11/18 Asian-European session brought it to almost 0.00450. It might still keep going, but we will exercise some patience here.
- The 4H chart shows that 0.0042 area is a common resistance. Even though price went through, we still might see some selling here .
- If the rally fizzles, anticipate a period of consolidation much longer than the time it took to rally. (I would say a week or 2). But hey it could happen faster.
- If price comes down to 0.0028-0.0030 area, and the 4H RSI back to 40, we should consider buying.
- No details on trade plan yet, just preparing for consideration.