Lots of positions were closed & entered here, whoever did the dump made tons of money.
It looks like these positions may take us higher. I can't say for sure because it's early, but it looks likely.
Bitcoin should go up in the long run, these moves don't matter at all if you take that into account.
Bitcoin is bullish on all major long term timeframes. I'm basically holding my long and I probably will keep on adding more. Areas of interest are marked on the chart.
Short term, there is lots of supply at this area so price should be delayed a bit. However, overall demand is high and will drive price up further. The shorters here will be fuel for the next...
Another run is looking very likely for Bitcoin. Throughout 2017-2020 I had a short bias and was comfortable holding a short position. Now, it's the reverse.
I guess you can just purchase with a trend following strategy or just buy the corrections. I'm going to hold a long position until it looks bad again, which should be much later.
Praying for another...
Ethereum and Bitcoin are weak. While support has formed, it doesn't seem like an obvious hold.
A quick pump before move down, or just move down is likely. If we go beyond this entire consolidation range, idea is invalid.
I am already short, but will add more if there is a good entry.
Low chance of reaching target.
Unlikely trade. Maybe if someone could push the market down...
Fun fact: Many were close to being liquidated here, so they had to cover. Pump caused big wick, allowing more short fills before move down. Enough liquidity down there for many to get mostly out, but still price memory at this price. Hoping it can push ethereum down...
Dangerous bounce and nice chance to pick up a long after some decent liquidations. High volatility and volume, get filled for anything basically.
Normally after such things happen we will get straight-up price movements, or double touches then straight up. Occasionally it will be just up down up down, etc before consolidation. In that case just get out.
Stop loss above the previous high.
Take profit in green zone, just a rough estimate of where I think reversal will be for the short term. Hard to say unless price actually goes there.
I believe this will take a couple hours at most, so 15 minute is a good timeframe.
Less likely chance for completion. Previous trade had much higher chance of success.
Bitcoin should be headed to 8000. This is extremely likely. Unless support starts forming right now it should get there pretty soon.
Since there isn't much support building up at the lows, it looks like the high 7000s price will not be the bottom for Bitcoin.
Probably get out of your long positions. Looks like consolidation (waiting for positions) before massive...
There is support in this area. I'm expecting maybe a 10% bounce?
The question is whether or not Bitcoin is going to keep heading lower after the bounce.
I personally am watching carefully for an entry in this area.
Just my current thoughts.
Bitcoin had a massive dump today.
It looks like the bottom should be around 8k to 7k. In the meantime, it will probably consolidate above 8k.
There is a chance for it to move higher from the current price.
Personally I have placed bids from 8k to 7.1k and have gotten filled for just one order which really made my day. I believe a great place to enter long is...
Despite what I believed earlier, the move up was only around 1.4%.
Bitcoin just seems to want to move down. The wick just now was someone taking some longs and exiting at the top, so I don't think that is a bullish sign. Funding shows people seem eager to buy.
Just my current thoughts. To reflect this, I have closed my longs. I'm not really confident with this one.
The bart pattern recently has happened on the BTC chart. As users market sold during the circled area, the assumption is many retail traders were stopped out or entered short, meaning a move above will create liquidity as they have tight stop losses or are prone to being liquidated easily. The shorters will also provide support allowing a further move up.
One of my few neutral ideas. I always hated them but there really is no direction in the short term.
Right now it could go either way. Mostly bearish, however right now there is a potential reversal formation that may take Bitcoin to 10250 - 10400.
In my opinion, if you are looking to short to 9k, you can probably ignore this.