The Bitcoin is trading near $9100 - $9300 from yesterday and the market is red.
As we can see that the whole crypto market is nearly red and only some of coins are green because of the news or entry of whales.
The market is like a chameleon, who change its behaviour everyday,every hour, every minute and even in seconds That's why the name chameleon describe its nature very well.
BCN (ByteCoin) is a great example. BCN pump from 70 satoshi to 200 satoshi and in binance BCN touched 2466 satoshi which is a huge pump Because of this price fluctuation between exchanges, traders started their fund to transfer to Binance exchange so they can take advantage of high price on Binance, This is called Arbitrage.
But the big problem is, those who have made transfer to get deposit on binance is not able to receive their BCN because their wallet is currently not working and user will receive their coins after they fix their wallet and it can take 24 hours too.
Their are huge chances that BCN can dump now and this will cause huge loss to the traders who tried to transfer their to binance.
So if your are also trying to do the same please stop if you don't want to get their money stuck in the transaction time. Arbitrage chances stay available for maximum 30 -40 minutes.
Because when this chance is available many traders starts transferring their coins in hope of arbitrage gain and this remove the price difference in minutes. So next time make sure that the coin you are transferring is working.
Bitcoin is trading at $9200 and it can go down to their support which is near $8700 and most probably bitcoin will pump from this level. I have removed some of my stop loss and changed some, Also today morning, some of my coins were auto sold because of stop loss and now i can buy them with more lower price.
Below $8700 bitcoin will make the whole crypto market in bleed and 40%-50% down but this is not possible so easily. Its time to pump and most probably bitcoin will reach above $11000.
Best Of Luck :)
Please do not take it as a financial advise. THIS IS NOT A BUY REQUEST. It is just my analysis,opinion and result of readings. So before investing in any Crypto currency, do your own research first. I will not be responsible for any losses
Thanks for reading...
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I am also looking for my stop-loss and will update them as needed.
Thanks for the informative post.
This comment has received a 0.32 % upvote from @speedvoter thanks to: @mahadihasanzim.
Glad to know that.