As expected (but not this quick), we sold off @ 100 EMA around 43000 level (4hr chart we were rejected at the 200 EMA) and that might have caused the strong selloff.
After we were stopped out on our long @ 40600 our short entry @ 39900 also hit SL @ 40600.
We might expect the same whip saw movement over this weekend.
I will sit this out and try to identify a better trade setup.
41600 is till a good entry point for a long position.
38500 will be my short entry point.
Most of the alts that I am following didn't follow the BTC rally to 43000. They usually do, but this time trading was choppy and alts lacked the strength.
If the same conditions persist we might see another rally towards the 43000 level, followed by a correction towards the 41000 level. I expect these moves to exhaust any speculative hands. We will be able to tell better early next week.
After we were stopped out on our long @ 40600 our short entry @ 39900 also hit SL @ 40600.
We might expect the same whip saw movement over this weekend.
I will sit this out and try to identify a better trade setup.
41600 is till a good entry point for a long position.
38500 will be my short entry point.
Most of the alts that I am following didn't follow the BTC rally to 43000. They usually do, but this time trading was choppy and alts lacked the strength.
If the same conditions persist we might see another rally towards the 43000 level, followed by a correction towards the 41000 level. I expect these moves to exhaust any speculative hands. We will be able to tell better early next week.
