As simple as Bearish Divergence - BTC still market leader
Following our last post, evident the wicks meant strong buyers, BTC pushed into a new all time high just above 24K
However rising prices means bearish divergence which amost always causes a pullback, especially in BTC and crypto
Decent bearish divergence on the 1HR chart here, combined with strong bearish divergence on the 4HR chart has caused this sell off - was a great short opportunity
On the 1HR chart, evident it dropped, caught on the 50EMA, buyers trapped here and then it continues downward taking out their stops and thus pushes further down with the added liquidity from failed longs
Update soon on what's to come next!
Just shows though BTC still leads the market, when it drops most coins drop (especially the main coins - eth, ltc etc.)
Portfolio/trade management is therefore key
Probably a wise idea to close any present longs or set SL at 0 if possible when bearish divergence on BTC, will form a local market top
Positions will be harmed if not closed!
I think it was july we topped just over 12k, strong bearish divergence dropped us backed to 9.8k eventually (BTC)
Ethereum dropped massively during this period also, so if you didn't notice this trigger your account could of dropped 30-40% minimum
Crypto is absolutely wild!!!
However rising prices means bearish divergence which amost always causes a pullback, especially in BTC and crypto
Decent bearish divergence on the 1HR chart here, combined with strong bearish divergence on the 4HR chart has caused this sell off - was a great short opportunity
On the 1HR chart, evident it dropped, caught on the 50EMA, buyers trapped here and then it continues downward taking out their stops and thus pushes further down with the added liquidity from failed longs
Update soon on what's to come next!
Just shows though BTC still leads the market, when it drops most coins drop (especially the main coins - eth, ltc etc.)
Portfolio/trade management is therefore key
Probably a wise idea to close any present longs or set SL at 0 if possible when bearish divergence on BTC, will form a local market top
Positions will be harmed if not closed!
I think it was july we topped just over 12k, strong bearish divergence dropped us backed to 9.8k eventually (BTC)
Ethereum dropped massively during this period also, so if you didn't notice this trigger your account could of dropped 30-40% minimum
Crypto is absolutely wild!!!