The overall market sentiment is definitely bearish at the moment. While we are in clear ascending triangle and a upward movement is coming up around beginning next month, the bulls has lost strength to maintain the price above 3975-4000 levels, while alts are getting weaker. Ether is the canary that dies first, so paying attention to what it does use to be very helpful. ETH is printing a very similar pattern than Bitcoin, however ETH looks even weaker.
The 3900 level has been important during the last weeks, so if it breaks we will see a hard dump. However a breakout of 4000ish could revert this tendency and bring the price even above 4200, but honestly I don´t see that happening now.
In my last analysis I talked about an imminent move downward within 4-8 hours, and it happened. Only thing was that the market reversed with power and touched my SL that I placed just below my entries once the price started to move in my direction. I entered short again 3970 BTC and 136 ETH. I wont use a stop loss now since I think that the market may short squeeze but my take profit set up is at 3550 BTC and 120 ETH. That doesn´t mean is going that low, but just in case of a wick, I´m ready to take my profit and wait for the next entry.
We are SHORT right now guys, whatever move upward people is talking about, is not coming now.
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The 3900 level has been important during the last weeks, so if it breaks we will see a hard dump. However a breakout of 4000ish could revert this tendency and bring the price even above 4200, but honestly I don´t see that happening now.
In my last analysis I talked about an imminent move downward within 4-8 hours, and it happened. Only thing was that the market reversed with power and touched my SL that I placed just below my entries once the price started to move in my direction. I entered short again 3970 BTC and 136 ETH. I wont use a stop loss now since I think that the market may short squeeze but my take profit set up is at 3550 BTC and 120 ETH. That doesn´t mean is going that low, but just in case of a wick, I´m ready to take my profit and wait for the next entry.
We are SHORT right now guys, whatever move upward people is talking about, is not coming now.
IF YOU FIND THIS INFORMATION USEFUL, PLEASE HIT THE LIKE BUTTON AND FOLLOW ME.
Open your account in Bitmex and get a 10% discount on your trade fees bit.ly/2UiJzzT
Open your account in Binance bit.ly/2Hbo1Bn
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What a market...it kicked me out again at break even. I’m waiting confirmation to see what to do. When btc is lateral, the best thing to do is to trade alts with low cap, because traders use to move btc to alts like xvg, xrp, qkc etc. I entered long in ambbtc a few days ago, already I’m 12% up.
As I said, a big move is coming and all the odds are into a short one.