Looks like somebody is trying to sell something to you .... always watch out for what bitcoin is doing and do not fomo into such moves.
took this risky breakout for a 10% profit but would highly suggest to wait for pullbacks and more confirmation.
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playing with your emotions currently. I would watch out for a double bottom re-test and failure for confirmation. The market gives and takes from you .
Well, it means that the price action was retracing and going below the breakout pivot low. A bitcoin dip below 9k was imminent and a lot of seller have been waiting to distribute. Right now, we need to observe what bitcoin is doing next and find entries when the market gives us a signal . Pro tip, draw a long term trendine on the daily chart and set an alert on the line waiting for price action to touch again
tradr07
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@msatterfield, thank you so much!
tradr07
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so what it means ?
manschadow
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@tradr07, it means the price should touch that trend line. so it will be around 0,003-0,0035 if you ask me.
@manschadow well, it’s not that easy.. technically you connect last pivot low with the latest pivot low without cutting through price. This will give you a completely different picture. You need to understand all the possible concepts of within the given price action. We had a double top on the 4 hour is one concept, descended channel with a breakout and bullish retest on 1-2 hour candles..... overall I’m thinking that many are waiting to sell the mainnet once live or close to being live... one more thing to consider is a lot of topping tails and rejection. Right now I’m setting alerts for breakout above last key resistance and previous support. No need to rush into something here.
manschadow
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@msatterfield, yeah, but there is also a chance that mainnet will be delayed. Happened many times with other major coins. Something like that can make the price drop immediately. I will not touch ERD until I see the lows again. Sooner or later it will happen, no matter how wonderful this coin may be. It is all FOMO now. I sold it already and keep cash. Whenever it retest the lows, I will step into it.
TheTradingBasics
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@manschadow, you’re absolutely spot on... I did not take the last breakout since the concept did not work out.... trading doesn’t mean we are oracles and sometimes good patterns don’t work. But at the end of the day we still have our dollars in the pocket without the need for any fomo. Wish everyone would think like you
manschadow
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@msatterfield, Gracias!! you're absolutely correct aswell!
Lol reading the sentence, we're not oracles :))
We wait again with patience!!