Hello traders! The bull trap was set and laid again for a second day. We advised traders of this and we hope they paid attention and avoided suffering losses.
Price moved back into stiff psychological resistance at $4,000usd early in the US New York session. Hopefully margin traders weren't tempted to pull longs for $5,000. This price action has potential to play out the same bull trap over and over until enough fish are caught in a net and a large drop occurs.
We advise a sideline position to INVEST in bitcoin at lower levels. Exceptional value will be found at $3,000usd or less. Patience is key and if you can wait, the market will give you these prices.
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Do not trade cryptocurrency on margin, ever! It is simply too volatile of a market to consistently "win" in most cases even with good money management.
Happy trading.
Poprocks has traded currency in the forex market for more than 10 years starting back in 2006. Many a fortune earned and lost. I lean on those experiences to draw up analysis on BTC price movements.
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