BTC suffered more than 10% loss on news from twitter!
Earlier today, I just watched how BTC dropped by over 10% in just 20 minutes. It was said that a tweet from FXhedge caused the free fall. So, what did FXhedge tweet?
"US treasury to charge FIs for money laundry using cryptocurrency". Obviously, the message shaked market with series of bearish candle and buyers came around key level of $50000 to push price back almost half.
Now, it formed a structure around $56435. BTC has to conquer this level firmly before recovering the intra-day loss.
If it fails to firmly close above the yellow zone, it's very likely to retest $50000 level again. I don't recommend getting in as I'm clear about which way it might go based on the current price formation.
By the way, my "daily bullish confluence trade idea" only managed to identify the bull flag trade opportunity on 60m. This is a very good daily setup. I got lessons from the past that if a terrific setup fails, price will very very likely to go other way in a crazy manner!
Be careful of trading BTC especially using leverage. You can buy GBTC, Grayscale Bitcoin Trust (Btc) to reduce the risk. I heard Turkey banned crypto payments and other central banks may step in as well. I know the future is bright for BTC but the volatility really can kill you if you don't have robust trading plan.
"US treasury to charge FIs for money laundry using cryptocurrency". Obviously, the message shaked market with series of bearish candle and buyers came around key level of $50000 to push price back almost half.
Now, it formed a structure around $56435. BTC has to conquer this level firmly before recovering the intra-day loss.
If it fails to firmly close above the yellow zone, it's very likely to retest $50000 level again. I don't recommend getting in as I'm clear about which way it might go based on the current price formation.
By the way, my "daily bullish confluence trade idea" only managed to identify the bull flag trade opportunity on 60m. This is a very good daily setup. I got lessons from the past that if a terrific setup fails, price will very very likely to go other way in a crazy manner!
Be careful of trading BTC especially using leverage. You can buy GBTC, Grayscale Bitcoin Trust (Btc) to reduce the risk. I heard Turkey banned crypto payments and other central banks may step in as well. I know the future is bright for BTC but the volatility really can kill you if you don't have robust trading plan.
plan your trade and trade your plan
Technically, price formed a lower low pattern with pre-drawn zone turned into resistance area. It seems sellers took control.