Long term, I believe Bitcoin can reach 5000 to 5274 before making its next move down, as the amount of shorts we have is quite high, and each must buy back into the market at some point.
The funding also is still very negative on Bitmex, which is good.
However, if you want to buy Bitcoin now, you might catch another move up, but the asks on Finex are rising and we are approaching the area of major resistance again. 4.2k is where a lot of people longed, evident by the spike in volume. Some may still want to get out break even. This was also the price 50 million USDT worth of Bitcoin was bought.
Wait for a correction down supported by Finex bids before joining in if you haven't already. If you insist on longing, a reasonable stop loss that is unlikely to get hunted/hit is 4% away from here, so not the best trade to take.
Thanks for viewing!
I have called this drop to 3k months prior and believe the bottom has not been found yet. I do believe in a bounce to 5k before a drop to 2k, unless 3k can hold. Either way, buying Bitcoin at these levels is a good idea if you DCA.
I will start buying more Bitcoin under 3k if we get there.
The Bitmex market maker actually longed the 3.9k levels. Guess I should have followed him.
The funding also is still very negative on Bitmex, which is good.
However, if you want to buy Bitcoin now, you might catch another move up, but the asks on Finex are rising and we are approaching the area of major resistance again. 4.2k is where a lot of people longed, evident by the spike in volume. Some may still want to get out break even. This was also the price 50 million USDT worth of Bitcoin was bought.
Wait for a correction down supported by Finex bids before joining in if you haven't already. If you insist on longing, a reasonable stop loss that is unlikely to get hunted/hit is 4% away from here, so not the best trade to take.
Thanks for viewing!
I have called this drop to 3k months prior and believe the bottom has not been found yet. I do believe in a bounce to 5k before a drop to 2k, unless 3k can hold. Either way, buying Bitcoin at these levels is a good idea if you DCA.
I will start buying more Bitcoin under 3k if we get there.
The Bitmex market maker actually longed the 3.9k levels. Guess I should have followed him.
Comment:
One of my worst experiences was a xrp short scalp that got stopped out exactly to the satoshi causing me to miss a huge move down.
Bitmex probably countertrades their customers too like you would expect.
I'm pretty sure they know exactly where stop clusters are too, since occasionally you get moves that are seen on bitmex only.
Bitmex probably countertrades their customers too like you would expect.
I'm pretty sure they know exactly where stop clusters are too, since occasionally you get moves that are seen on bitmex only.
Trade active:
Another thousand btc sent to finex again.
If you are a bull you probably don't want this occuring.
If you are a bull you probably don't want this occuring.
Comment:
If the shorters here are saved this looks very bad. If they aren't, then ill be longing this.
If the shorters here are saved this looks very bad. If they aren't, then ill be longing this.
Trade active:
Good. This is what I expected. Now if we go below the low of the previous zone and stay there, then it will be bad.
Good. This is what I expected. Now if we go below the low of the previous zone and stay there, then it will be bad.
Comment:
If a bunch of shorters come in, there will 100% be a spike to liquidate them. I'm looking at MDR right now and its very high.
Both bids and asks dropped, so might reverse.
Both bids and asks dropped, so might reverse.
Comment:
We dropped below previous low long ago , so be careful longing this.
To be honest I had a short and got stopped out and reshorted again after realizing that was a fakeout.
Doesn't feel good being caught.