Yesterday I said a drop below $7,550 would be your sell signal. I’ve told you my first buy order was waiting at $6,750. Today price dropped 21%, reaching as low as $6,600 on Coinbase. It then rallied as high as $7,400 before settling down. Currently bitcoin is trading around $7,100. If you did buy the dip, I’d raise your stop-loss and protect your profit.
Looking at the daily chart, we can see price found support right on top of the 21 day EMA. If price decisively breaks below (daily candle opening and closing), it could signal a much deeper correction to follow.
Looking at the weekly chart, this week’s candle is currently signaling a potential strong reversal. That said, we still have 2 more days before it closes.
Today we also found out the New York supreme court ordered Tether to stop lending to Bitfinex. This comes a day after that very curious 41% drop in shorts inside of 1 min.
In today’s video I further discuss what happened with the 41% drop in shorts, Tether/Bitfinex news, where price may be going from here and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/workin/) or Steemit in order to watch.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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Yes, the weekly chart had my upside target and area I targeted for pullback.
Sold some in the mid 7's and up. Bought a little back at 7k on the dip. Will buy back more if I get an opp at 6,800.
Also, you have me laughing. Your videos are basically what me and you would do on my radio show, except pure audio and you will only be known as workin2005. Even less exposure of you than on youtube but more exposure for your steemit blog.....food for thought ;-)
Sounds like you've managed your positions well. I had an order filled on the first dip below $6,800...but closed 50% and tightened the stop on the rest. I'd be hesitant to buy if it tests that area again. Not sure it'd hold the second time around, but I'm much more risk averse in my old age...and lazy! ;-)
Haha...man, you're relentless! I hear you..and thanks for the invite. Youtube allows me to edit when I say too much...and I often say too much. That's why you'll never see me live stream. Ask my friend, when you get me in a discussion, I don't know how to be anything but robotic and reserved, or completely open and transparent. There's no in-between. The former makes for terrible discussion, the latter gets me in trouble. Having been burned in the past, I've got serious trust issues. No offense...you seem like a truly sold guy. I'm just in a good place right now. Don't need more money or exposure...just do this for fun and as a way of giving back. Hope you understand. Still...I respect your perseverance. If anything changes, you'll be the first to know. ;-)
Congratulations! I just stopped by to say that your post has been selected as a daily Featured Post of my personal curation project! You can find the daily Featured Post HERE.
I upvoted your contribution and I put it on the list because to my mind your post is what I call a quality content!
I am @miti, a manual curator that shall make available all his Steem Power to authors deserving of support. Let's make STEEM great again!
Have a nice day and keep up the good work!
Thanks @miti!
You're welcome, my friend ;-)
Nice trade set-up to go long.
Thanks Rolland. Did you play the dip, or just enjoy the show?
It’s great for crypto, it’s terrible for bitfinex/tether.
Fortunately, I don’t care about Bitfinex/tether.