I see BTCUSD currently trapped in down trend channel... I think it will drop at least one more time due to the high volume that has smashed the price down through the 45k mark on the 7. September when BTC become an official tender in El Salvador. Since then the volume that has been traded is quite low despite the big tweets of buying the dip. This shows me that there are no signs of buyers buying the dip. Furthermore it traps all people in El Salvador who are going for the crypto currency.
I expect the price to drop to the 40k to 41k area before it bounces back. The crypto world needs some big breakthrough news or otherwise BTC will have a hard time going through the 55k.
In my eyes that is a marked manipulation and an attempt to keep crypto low. BTC would hold strong if it recovers from the 40k resistance.
Short seller are most likely camping to get the sniper entry on this trade as close as possible to the 47.4k.
My forecast of the drop will be around -8% to the 41k resistance. Let's see how it plays out. I will keep you posted on the trade.
As always happy trading!
hooolymoooly
I expect the price to drop to the 40k to 41k area before it bounces back. The crypto world needs some big breakthrough news or otherwise BTC will have a hard time going through the 55k.
In my eyes that is a marked manipulation and an attempt to keep crypto low. BTC would hold strong if it recovers from the 40k resistance.
Short seller are most likely camping to get the sniper entry on this trade as close as possible to the 47.4k.
My forecast of the drop will be around -8% to the 41k resistance. Let's see how it plays out. I will keep you posted on the trade.
As always happy trading!
hooolymoooly
Happy trading and all the best!
hooolymoooly
hooolymoooly
Lets treat it as a idea recap.
So management summary: the trade idea was not successfull.
And here comes the explaination:
By the day before I 13th of September (red big red candle (I call it heart beat pice action - unpredictable high volatility within a session) the volume was more than 2x compared to the two 'green' days even before but considering the day I posted this idea which was early in the morning after the session starts at 8am Singapore Time I couldn't see how the price action plays out. The fact that the price closed nearly above the highs and the 47.4k short seller entry gave me the sign not to enter a short sell anymore. Further the price action was also very slow so that it becomes a gamble to enter even long directions.
But instead after the maximum volume bars and extreme surge of volatility for a few moments I should have seen the momentum shift that has been also confirmed near the end of the close of the session.
Hope you guys also saw that playing out and entered a long rather than a short.
What do you guys think about it. Feel free to share your thoughts in the comments!