Wow, down 15% in three days. This may go lower ultimately, but in the mean time I think a .318 retrace to the upside, at the very least is quite likely. I am in long right now big time, on the short term time frame.
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I also use a script that I developed, that is beyond my technical analysis, and is about 73% profitable, and it's all in on longs.
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This thing is going to bounce in the short term.
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My script is only profitable about 70% of the time, which means, 30% of the time it loses money, and my script started going long back at 9600ish, so my script is probably going to lose money this time. But I am not, because I don't trade strictly off my script.
That being said, my script is not only 70ish percent profitable, it's net profit is quite nice, even though 30% of the time it loses money.
From what my script is telling me, and also my technical analysis, I think there is a bounce here.
That being said, my script is not only 70ish percent profitable, it's net profit is quite nice, even though 30% of the time it loses money.
From what my script is telling me, and also my technical analysis, I think there is a bounce here.
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And the more it drops, the more I will buy.
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Target 2 is here:
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Target 3 is here:
4 is at the .718
You get the idea, it's the fib.
4 is at the .718
You get the idea, it's the fib.
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Still a golden opportunity. The reason Bitcoin is going down right now is because the stock market is Tanking:
And so everyone is trying to free up cash in order not to get liquidated. So they are selling everything they can (including crypto). This is still a great short term buying opportunity IMO, and I am buying every one of these dips I can.
And so everyone is trying to free up cash in order not to get liquidated. So they are selling everything they can (including crypto). This is still a great short term buying opportunity IMO, and I am buying every one of these dips I can.
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Here is why Bitcoin is going to go up this weekend:
As talked about previously, the stock market completely tanked the past week+. Not just tanked, but a historic drop. This drove Bitcoin down too, because hedge fund managers, in leveraged positions on the market, needed to free up as much cash as they could to prevent their leveraged positions from getting liquidated, and one of the things they could sell was their investments in crypto.
So today, although technically a down day on the US stock markets:
It's a green candle (closed higher than the open), but we still closed lower than yesterday's close, so it's a net loss. An it rallied into the close:
So these people, who sold everything they could, to ensure not getting liquidated on their leveraged positions, are feeling good, like the pain is over (it's not, the 200 MA on the weekly is the true next stop for the SPY in the next month), but a) they don't need that extra cash over the weekend, and b) are nursing their wounds from the week, and would love to make back some of their losses from the past week.
Weekends are usually (recently anyways) pretty low volume, and don't move a whole lot. I think this weekend will be different, and I expect we might retest 10k.
I would not be going long, long term here though. Come Monday morning, depending on what the stock market is doing, if the market continues it's tank on Monday, expect these same folks to be taking their money back out of Crypto, to make sure they don't get liquidated again.
This is not financial advice, this is just what I am thinking, and as always, I put my money where my mouth is. I am all in long right now for this weekend.
As talked about previously, the stock market completely tanked the past week+. Not just tanked, but a historic drop. This drove Bitcoin down too, because hedge fund managers, in leveraged positions on the market, needed to free up as much cash as they could to prevent their leveraged positions from getting liquidated, and one of the things they could sell was their investments in crypto.
So today, although technically a down day on the US stock markets:
It's a green candle (closed higher than the open), but we still closed lower than yesterday's close, so it's a net loss. An it rallied into the close:
So these people, who sold everything they could, to ensure not getting liquidated on their leveraged positions, are feeling good, like the pain is over (it's not, the 200 MA on the weekly is the true next stop for the SPY in the next month), but a) they don't need that extra cash over the weekend, and b) are nursing their wounds from the week, and would love to make back some of their losses from the past week.
Weekends are usually (recently anyways) pretty low volume, and don't move a whole lot. I think this weekend will be different, and I expect we might retest 10k.
I would not be going long, long term here though. Come Monday morning, depending on what the stock market is doing, if the market continues it's tank on Monday, expect these same folks to be taking their money back out of Crypto, to make sure they don't get liquidated again.
This is not financial advice, this is just what I am thinking, and as always, I put my money where my mouth is. I am all in long right now for this weekend.
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10K was obviously totally over blown. Didn't even hit my target of a .318 retrace.
From no on, I am going to stick to what I do best, super long term analysis, and super short term (day tradingesque) strategies, and analysis.
From no on, I am going to stick to what I do best, super long term analysis, and super short term (day tradingesque) strategies, and analysis.
Trade closed: target reached