Bitcoin Snapped Support With A Weak "Fundamental" Reason

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
2306 8 16
Technical: Snapped trendline after having
an unsustainable run above $300.

Fundamental: Oh no! NY said Coinbase
isn't actually licensed as an exchange! ...
Who cares? Let's not forget that big VC's
and the NYSE just pumped over $100M
into the company! Investment and innovation
will trump BS regulation any day.

My plan of action: Currently flat. Didn't try to
buy the dip at $250, and didn't short the
emotional panic when the trendline broke.
Looking for a high-probability pattern before
doing anything.
hammer at support?
Chris- was there a reason you didn't short at the end of the failed bull flag at $300? Just curious.
ya I had just flown in from Hawaii to Canada and was completely exhausted. Didn't want to open another trade in the middle of the night after a 62% gain.
I'm waiting for another high volume red bar in this drop, to see if I can buy the bottom, otherwise, I'm just watching. I've learned that most of the money from buying bottoms comes from buying the END of a BIG panic, where there usually is even BIGGER pullback soon after :)
Thats really nice to know, Im new trading, Good to know from your experience
good idea... kinda unclear around this zone
Thank you Chris!!! I was really unsure of what to do so I did nothing, you just confirmed to me that it was the smart move :)
Probably only a retrace, going from 160 to 300 was way too much.
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