Here is a chart for the last 24 hours. Yesterday's high of $3,8xxusd moved to a low of $3,590usd. Price managed a retrace to $3,750usd and moved back swiftly to session lows. Currently price is retesting $3,590usd indicating further losses. A move through this level would open the door to $3,200. It could happen as soon as US market session open and we will see in the next update.
Our position has not changed. We are not sellers in this market, nor even traders in either direction. We are investors. We should be preparing to pull the trigger anywhere at or below $3,000usd. The range we are looking at is $2,500usd - $4,400usd.
It appears on the larger time frames that volume favors he bear crowd. The volumes are significantly higher on dips which indicates a superior market force having a hand in current price swings. Investors need not worry as these price manipulations only serve to provide buying opportunities at Extremely attractive levels from an investment perspective. Load up we may get our levels to buy over the next few sessions.
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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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