In my last update, I discussed the battle that was taking place between bulls and bears. Price was operating within a larger wedge. I told you a major move was likely. Though it took longer than I expected, yesterday we saw that move in the form of a bull trap. Market makers pushed price up, took out some shorts and trapped many long. They then brought it crashing back down. It nearly reached the $5,850 support. The bears were certainly victorious this time.
Bulls were hoping for a major bounce below $6,000..something that clearly didn't happened. Bitcoin attempted to recover, but was strongly rejected at the $6,100 support. This was a sign of continued weakness. At this point, I believe price MAY again test the $5,850-$5,700 support.
Looking at the 1 day chart, we can see price remains well below the 8 day EMA.
Shorts are continuing to stack. I wouldn’t be surprised to see market makers run another stop hunt to $6,300, only to have it come crashing back down. If the bulls can manage to push price above $6,300, then $6,600 becomes likely and I’ll become more bullish...at least in the short term.
In today’s video update, I discuss results of the prior trades I outlined in my last video. I tell you the things I did right, and more importantly, the things I did WRONG. Hopefully it'll help you improve your trading strategy. I also discuss where price may go from here, how I’m planning to trade, traps to avoid and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Slightly Bearish
Longterm: Very Bullish
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
If you found this post informative, please:
If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. Sign up here free of charge: https://www.binance.com/?ref=16878853
Brave is one of the safest, ad free browsers ever created. It helps support the crypto ecosystem by awarding content providers with BAT tokens. Join the revolution and download the latest version here, free of charge: https://brave.com/wor485
Follow me on Twitter (handle is @Workin2005) and Facebook to receive the latest updates. https://www.facebook.com/Workin2005. Also, make sure to check out TIMM (Traders & Investors Mentor Market), a STEEM based platform for traders and investors of all levels. Sign up for a free membership and take advantage of the knowledge shared by many investors. You can find the link to TIMM below.
Published on
by Workin2005
