BITCOIN | Fake Sell Off

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi All,
As we have been saying again and again, CryptoCurrency is not a place for impatient traders.

Yesterday's trade did just that: On Binanace hack news, it used it as an opportunity to weed out impatient or weak traders.
Their money is now in the pocket of Market Makers. If you havent sold in yesterdays sell off, you did good, and as you can see from current chart it is trying to climb back up to its previous position.

Current chart is neither the sign of Bull nor Bear market, it is swinging sideways (with higher range), to weed out impatient traders.

That's why time after time, again and again , it is said in trading market : "Put only that amount of money which you can afford to loose."
Play slow, you will stay for long time. Play fast , you will be wiped out faster.

Don't take it as gamble , Use your own analysis, think if there was any reason for yesterday's sell off, other than closing the position of weak traders?

Having said above, Bitcoin will try to regain its original value i.e.. 11,500 and then touch near new height(12,800 approx, given and take 500 ), before deciding on any trend.

It is high time to buy Bitcoin , In my opinion bitcoin should cross 12k to 13k market within a month, from there it will decide its fate whether to go in bull run or bear run depending upon volatility .

My Opinion:
Long Term : BTC will rise
Short Term: BTC will rise

If you agree , with my analysis, please like ,share and follow.

For any doubts: Please feel free to comment below.

Krypto Times
When you bulls will release that we're in downtrend? Forget about Moon guys. Sub 9k soon.
+2 Reply
kryptotimes djukic.nebojsa
@djukic.nebojsa, we never said its bull trend yet.... as per opinion it should reach till 12 to 13k mark.. cause of recent sell off ... we still need more info to confirm whether its bull or bear trend..
djukic.nebojsa kryptotimes
@kryptotimes, It's downtrend obviously, since late December.
+1 Reply
kryptotimes djukic.nebojsa
@djukic.nebojsa, neither i can agree or disagree at this point , all i m saying is it trading sideways
Erm, You should read the news. It wasn't the binance hack that caused the sell off. It was the news that the SEC is going to be cracking down heavily on exchanges. Implications of that are huge for ALT coins, and given BTC is the underpinning coin, big for that too.
+1 Reply
kryptotimes steve.elliott
@steve.elliott, if that could have done anything then, it should have pushed the price up :), as it will help more and more people to join legally :). PS: this doenst mean its is illegal.

PS: But the point is it was fake sell off, to week out weak traders.
I sold at 11000 and looking for a confirmation at 9800 to enter again
kryptotimes vvezzola
@vvezzola, you did good :), guess u will be making good profit :)
vvezzola kryptotimes
@kryptotimes, Yes, I've also been lucky, this time the price crash happened in a downtrend leg (I trade in 1h chart), so I didn't have open positions. Sometimes it happens in the middle of nowhere during an uptrend so it can hurt much more. I need to start shorting also.
kryptotimes vvezzola
@vvezzola, yeah true, thats where most of the people loose money because of leveraged position.
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