@RobJay, if you’re referencing the 9btc buy order currently around 532 sats - that is a bot that has been constantly moving (and manipulating) the price up and down
Abolfazl_K
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@RobJay, everyone has not 100% confidence in his/her ideas.
that's why we must use Capital Management and set the stop-loss on our trade's ideas.
in this case, we have support on 491 and resistance on 542
if daily candle close upper than 542, it's can be bullish and next target is the yellow trend line.
otherwise, if daily candle close bellow than 491. it's a bearish confirmation and TA will be active :).
I usually don't look at the lower timeframes. but I find it on the 30m timeframe.
RobJay
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@Abolfazl_K, thanks so much for your insight. I got shaken out of a huge amount of my Dgb when it crashed under 500 (yes I've got a weak hand and I'm a fool but it's a lot of money to me and I'm currently living off my crypto) so I'm trying to do everything I can to rebuild my position without losing BTC value.
You think the presence of that bot is an indicator of the price being pushed up for one big dump?
If you were me would you short half your position now in the interest of picking up a bigger bag at 492 and then maybe using the rest of the money I got from shorting before to pickup even more if it closes below 492?
Abolfazl_K
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@RobJay, I don't use margin. Just using buy and sell method :)
all of your needs are in the chart, look at this and some other charts from pro traders and take your positions. (like related DGB/BTC chart from Hamamark at the end of TA, that's a good TA)
this education can help too:
AaronCu0
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@RobJay, those bots have been very active. I was watching their action on Wednesday when things were particularly active. They keep one ~5 sats below high, another stays parked around 10 below. They accumulate then pump hoping to catch FOMO
One of the big indicators right now is volume. If price can be held at such low volume that should be a good indicator. You should still be able to have an opportunity to accumulate at the levels you had sold before if you're patient
RobJay
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@AaronCu0, When you say "if the price can be held at such a low volume" - you mean that this is all manipulation preparing for a pump - fomo - and then dump? - I assume you mean that because low volume doesn't represent large interest or confidence - and therefore doesn't organically grow a market?
Seperately - it looks like the support at 530 (or the buy order - whatever you'd call it) has disappeared and this is breaking down a little.
I tell ya - these guys totally totally know what they're doing in getting people to fomo. I'm having to fight every urge here not to buy.
AaronCu0
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@RobJay, last idea - for safer trading buy the support and sell the resistance for a quick flip with tight stop loss. Follow the bot action to get an idea of trends. You should make your money back this way. If you are risk averse in a downtrend like this have a look at the concept of laddering out
They accumulate at lower levels then boost prices and flip
The only X factor here that could give a significant boost is a pump from a signal group but that’s unlikely over the weekend
RobJay
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@AaronCu0, This seems like a good idea but it's a bit too late for me to be learning it and applying it to this scenario. I have taken notes on everything you guys have told me and shall be doing research into it all.
Are you still feeling like it's going to break and descend?