That’s a classic Wall Street proverb that serves as a warning against the dangers of excessive greed.
In short: it is okay to be "hungry" for profit (like a pig), but if you stay in a position too long trying to squeeze out every last penny, you risk losing everything (getting slaughtered).
After a strong week of breakouts across the crypto market, many traders are sitting on sizeable gains. BONK, SUI, SEI, UNI, TON, INJ, and others all moved sharply higher in just a few days (see blog).
Many assets are overextended with RSI exceeding 70 (overbought), just as prices approach resistance levels.
So beware, likely to see them pull back near-term as traders take profits.
We call this short-term bearish signal “Overbought at Resistance”.
Take SUI as an example. It broke out of a Channel Down, a classic trend reversal pattern, and reached $1.30 resistance and 200-day Moving Average (200 SMA), which also acts as resistance.
That makes for a stiff resistance zone AND price got very overbought (RSI > 80!).
Holding onto SUI at that point is overly greedy. It may work at times but usually it’s a recipe for getting slaughtered.
Traders ought to take at least partial profits or move up their Stop Loss levels (use trailing stop loss orders) to protect their 30% profit.
Here's a Pre-set Filter for such market scan (see scan results here). You can also apply to your watchlist or portfolio and create alerts.
And you can also find some in the trade setups (Technical Analysis) section:
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