We've now begun tracing the entire right side of the structure we've been building since the beginning of July.
BTC rejected the 6800 and the 6400 level which has thrown us back down to the 6200 level.
At this point we are hoping for a reversal as it double bottoms - but there is a possibility of dropping back down to 5800 again before we make a run at it.
I'm sure a lot of you are snapping your positions at the top and buying back in lower - theres been a number of opportunities. This is obviously something every trader tries to do when they can - but for those who are new - wait out this storm unless you are buying - we've seen the price of BTC move over $1000 an hour - you dont want to be left behind because you picked the wrong direction. If you do try short - manage your BTC - only trade with a portion of it (a quarter at most) and you still expose yourself to some upside without as much down!
We might scrape the bottom for a third time at around 5800 - but i expect this to be incredibly short lived. We will bounce off of a resistance point - whether its 6200 or 5800. The third bounce might be what this market is waiting for to move up to higher levels?
Happy Trading.
BTC rejected the 6800 and the 6400 level which has thrown us back down to the 6200 level.
At this point we are hoping for a reversal as it double bottoms - but there is a possibility of dropping back down to 5800 again before we make a run at it.
I'm sure a lot of you are snapping your positions at the top and buying back in lower - theres been a number of opportunities. This is obviously something every trader tries to do when they can - but for those who are new - wait out this storm unless you are buying - we've seen the price of BTC move over $1000 an hour - you dont want to be left behind because you picked the wrong direction. If you do try short - manage your BTC - only trade with a portion of it (a quarter at most) and you still expose yourself to some upside without as much down!
We might scrape the bottom for a third time at around 5800 - but i expect this to be incredibly short lived. We will bounce off of a resistance point - whether its 6200 or 5800. The third bounce might be what this market is waiting for to move up to higher levels?
Happy Trading.