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One hard truth about trading crypto: many 'clocks'

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Well, friends... Hello again!

After turn of day excitement and disillusionment, here a simple but important example of how key is to keep more than one exchange in check for key levels:

4.272 projection for 'wave 1', down at low 8000's, was hit on many, if not all (most relevant) crypto exchanges, except... Bitstamp . Now, not anymore.
It cost some folks the bad sensation of being trapped for who knows how long, or be point-blank stopped. Could they have avoided it? What do you think?

So, trading crypto is a bit like having many clocks. You never know which one is right at any given moment.
As such, the best you can do is, whenever you have a target, double-check it on multiple "clocks" / exchanges.

Those that I watch more frequently, here on TradingView, are:
  • BitMEX
  • Bitstamp
  • Bitfinex
  • Binance
  • Coinbase
  • HitBTC

(BTW, there was a second option to avoid this trap: as it usually happens in many trading situations, this latest rejection level is also related to 2 day TD Setup resistance line. Please check related idea for more information.)

Now, changing topics, briefly: another noticeable event, also highlighted on charts, are "off-the-book" margin operations on Bitfinex, which frequently lead to higher volatility , as exemplified. Such event preceded latest run up too.
To learn more about this topic, please check here.

So, what you think now? Price going down -- a bit a least -- or no chance, the way is up?

Cheers!

PHInkTrade

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