UPDATE: #2
Like I said in my last chart, I fully expected a retracement from that huge pump to 10.4K, which was not organic movement. It looked like text book 'pump and dump', either by whales or exchanges. Pure manipulation in order to shake out orders and now this dump will have taken out alot more who FOMO'd in on the 10K break.
$90 Million liquidated on BitMEX with the pump and I would only imagine the same if not more with this dump.
We are still moving so it may not be over, although I think in my personal opinion, BTC could fluctuate around the 9.4/9.5K level before establishing a reasonable trading range within the $9500s mark.
(Currently @ 16.30 UTC+1, we are almost lower 9300s)
The MACD has flipped massively bearish and the RSI is sitting around the 17 level, signaling we are oversold so a small correction back to the upside would be totally possible. I would not rule out the possibility of heading back up upwards $9700-ish, but IMO a range averaging in and around the 9.5 mark is reasonable for the dump to be corrective.
I hope no one got REKT, nor lost money on this dump as it was kind of obvious to me that the pump happened too fast to be natural, classic pump and dump IMO, which is why I had a short placed when it settled down. This market IS VERY VOLATILE, and will continue to be I believe, unless traders sit this out and wait. If you are unsure, as it seems this movement has caught everyone by surprise and technical analysis could not have predicted this at all, then DO NOT TRADE just yet.
I would warn anyone who is trading this market now to be very careful and do NOT forget to manage your risk.
Thanks guys, I enjoyed the engagement on my last chart. Very enlightening and interesting.
Like I said in my last chart, I fully expected a retracement from that huge pump to 10.4K, which was not organic movement. It looked like text book 'pump and dump', either by whales or exchanges. Pure manipulation in order to shake out orders and now this dump will have taken out alot more who FOMO'd in on the 10K break.
$90 Million liquidated on BitMEX with the pump and I would only imagine the same if not more with this dump.
We are still moving so it may not be over, although I think in my personal opinion, BTC could fluctuate around the 9.4/9.5K level before establishing a reasonable trading range within the $9500s mark.
(Currently @ 16.30 UTC+1, we are almost lower 9300s)
The MACD has flipped massively bearish and the RSI is sitting around the 17 level, signaling we are oversold so a small correction back to the upside would be totally possible. I would not rule out the possibility of heading back up upwards $9700-ish, but IMO a range averaging in and around the 9.5 mark is reasonable for the dump to be corrective.
I hope no one got REKT, nor lost money on this dump as it was kind of obvious to me that the pump happened too fast to be natural, classic pump and dump IMO, which is why I had a short placed when it settled down. This market IS VERY VOLATILE, and will continue to be I believe, unless traders sit this out and wait. If you are unsure, as it seems this movement has caught everyone by surprise and technical analysis could not have predicted this at all, then DO NOT TRADE just yet.
I would warn anyone who is trading this market now to be very careful and do NOT forget to manage your risk.
Thanks guys, I enjoyed the engagement on my last chart. Very enlightening and interesting.
Comment:
In addition, $90 Mil liquidated on BitMEX with the pump - $100 Mil liquidated on todays dump!