SUMMARY
- Tether admits that 30% of their reserves are inaccessible: price moves < 10%
- Binance gets hacked for $40M USD: price moves ~5%
FOMO IS A HELL OF A DRUG
There are real, genuine, alarms going off all over the place right now. If you are reading this; hopefully you are – at least, trying to – avoiding speculation & FOMO trading. $6000 is a hugely important price; and in the last 3 weeks we have had 3 bombshell revelations…and no corrective movement.
Contrary to common belief, successful trading is NOT about making more money than everyone else. In truth, it is about KEEPING more money than everyone else. That requires restraint, and a willingness to let go of problematic trades. If you are currently long on BTCUSD; without suitable coverage on the downside – my question is simple...
WHY?
What is it that you are seeing in the upside potential that is making the potential short-term downside risk worth exposure to?
PRICE ACTION
The 5m chart shows the clear impact of the 7000BTC hack announcement; with a high-volume sharp cut down to $5700. RSI moved immediately to oversold; and a bounce ensued.
Looking at the 4H chart, we see that the retracement also came down to the rising trend that was established at the end of April as the Tether news settled in the market. As news of the hack was announced just prior to midnight UTC; most of the day’s growth was wiped off – though importantly the 1D candle still closed green.
The 1W chart continues to build a support base on top of the 52W MA; which is stabilizing just below $5500.
OPEN INTERESTS (BITFINEX)
Long: 1.90 Days
Short: 3.34 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 6000, 6800, 7500
Support: 5750, 5488 (52W MA), 5340 (28D MA)
PREVIOUS ANALYSIS
- Tether admits that 30% of their reserves are inaccessible: price moves < 10%
- Binance gets hacked for $40M USD: price moves ~5%
FOMO IS A HELL OF A DRUG
There are real, genuine, alarms going off all over the place right now. If you are reading this; hopefully you are – at least, trying to – avoiding speculation & FOMO trading. $6000 is a hugely important price; and in the last 3 weeks we have had 3 bombshell revelations…and no corrective movement.
Contrary to common belief, successful trading is NOT about making more money than everyone else. In truth, it is about KEEPING more money than everyone else. That requires restraint, and a willingness to let go of problematic trades. If you are currently long on BTCUSD; without suitable coverage on the downside – my question is simple...
WHY?
What is it that you are seeing in the upside potential that is making the potential short-term downside risk worth exposure to?
PRICE ACTION
The 5m chart shows the clear impact of the 7000BTC hack announcement; with a high-volume sharp cut down to $5700. RSI moved immediately to oversold; and a bounce ensued.
Looking at the 4H chart, we see that the retracement also came down to the rising trend that was established at the end of April as the Tether news settled in the market. As news of the hack was announced just prior to midnight UTC; most of the day’s growth was wiped off – though importantly the 1D candle still closed green.
The 1W chart continues to build a support base on top of the 52W MA; which is stabilizing just below $5500.
OPEN INTERESTS (BITFINEX)
Long: 1.90 Days
Short: 3.34 Days
RELATIVE STRENGTHS
- Micro (5m): Neutral
- Short Term (4h): Bearish Divergence
- Mid Term (1D): Bearish Divergence
- Macro (1W): Hidden Bearish
ON BALANCE VOLUME
- Mid Term (1D): Falling
- Macro (1W): Falling
KEY PRICE AREAS
Resistance: 6000, 6800, 7500
Support: 5750, 5488 (52W MA), 5340 (28D MA)
PREVIOUS ANALYSIS