Bitcoin is having some difficulties, many alts are outperforming Bitcoin now! So it's a sign that newcomers to these markets, maybe think that BTC is to expensive and try their luck with all the Alts that are just flying sky high.
The break of the ATH has been very dissapointing, normally at such a point the hurdle would just follow and buy for the next jump to 20K. But the highs are getting less high each time (thats what that cirkel is showing). This means that the buying strenght is weakening.
I am shorting it with a stop around the ATH. Saver option is to wait for a drop under 16.800 First target is around 15.600, a drop below this level would mean a test of the bigger support around 14.500. Saver
Komen
⋅
Up almost 400 points now. Lets see if the 16.800 will hold
Komen
⋅
Support has become resistance (for now). I am lowering my stop to my entry level for a free trade
Komen
⋅
I am out at 16800, 400 points again
Komen
⋅
I will jump back in around that red area, with a stop about 200 above. I got out early the other trade, because it went above the 16.900, and it kept hanging around 16800 instead of dropping faster.
Komen
⋅
That's the risk of what i have done, jumping out and not getting your entry level back. But still a very good prediction again :). But this spike is a very strange one. It was, in comparance to other to similar spikes, with lower volume. And it was not shared by other exchanges. I am staying out for now, waiting for new signals. If i had to guess, i would go long now.
Komen
⋅
I guessed wong :) Thats the reason i did not take a position. I think it can do something like this now. Because there is nor real bounce up yet.
Komen
⋅
I will jump in around 15800, 15.700 and 15.600
Komen
⋅
90% certain another drop will come. I have cancelled my buy orders i mentioned earlier and have turned short!
Komen
⋅
I have lowered my stop to the red area
Komen
⋅
I predicted the move quite perfectley again yesterday. My only bad luck was, that it did not get to the 15800/15600 the first time.After that i thought it would get around the 17K again. Now it's hanging around that small resistance area i showed yesterday, the red area. I am shorting it, I will add some around 17.250. My stop will be around the ATH again.
Komen
⋅
It's looking even weaker than i thought, It bounced of that green area again, the same as yesterday, but 200 points lower this time and in a straight line almost! I have lowered my stop to my entry level, but i have decided to make this a longer term trade (read a few days). If it gets near the blue resistance area, i will add more. i expect it to drop towards to around 14.600 if it falls below the 15.500. A retest of 13.000 is also very realistic.
Komen
⋅
Look at the similarities, the only big difference, is the 2 lows in the purple area, this time the second drop was lower. So that's a weak signall. But this chart actually shows the bullish version. The yellow zones look almost the same, the purple zone also look alike. But is has to stay above the 15K but even more important, above the 14.500. In the bullish version it has to stay above the 15.500, and from that point should get above the 17.600. To break out the rising wedge, just as it did a few times earlier. I think we will get our answer within 24H
@ctharvey,
No i did not see this. These things just confirm how dangerous these markets are. People just buy and buy these currency crypto's like their the new (digital) Gold standard. Even though they could just be banned by goverments in a blink of an eye. Instead of looking for crypto (companies) who have a real future
ctharvey
⋅
I always enjoy your btc posts!
botje11
⋅
@ctharvey,
Well thank you, i try to post when i can. I hope you have also made some winning trades with them
ctharvey
⋅
@botje11, I don't trade on margin but I did exit the market as I feel it is very weak looking at btc/krw.
botje11
⋅
@ctharvey,
Margin trading is quite dangerous, the risks are higher, but even more important, you get much more emotional with leverage. So what you do is better! It's not showing real strenght, but also no real weakness (yet)