chrisdunntv

Bitcoin Snapped Support With A Weak "Fundamental" Reason

BITFINEX:BTCUSD   Bitcoin / Dollar
2260 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?
snapshot
Reply
Chris- was there a reason you didn't short at the end of the failed bull flag at $300? Just curious.
Reply
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.
Reply
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 :)
Waiting for an even bigger dump, to buy the bottom
Reply
Thats really nice to know, Im new trading, Good to know from your experience
Reply
good idea... kinda unclear around this zone
Reply
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 :)
Reply
Probably only a retrace, going from 160 to 300 was way too much.
snapshot
+1 Reply
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