Bitcoin Trading - May 25, 2017 - Update
Wow! What a day Bitcoin is having. First we saw the price rocket to $2800, then we got a much needed pullback. It was a decent pullback too. Let's have a look.
The meteoric rise in price early this morning was met by a significant correction from $2800 all the way back to retest support at $2237(red circle)! A drop of more than $500. It didn't last though, as the bulls quickly bought it back up to $2453(blue circle). That long wick represents a whole lot of buying. The drop closed the hour at that price and has since recovered to $2569 at the time of this writing.
What's interesting is this pullback was a 100% correction from the breakout from our triangle a couple days ago. Even more interesting is where that candle closed, the .618 retracement at $2453. It seems that sellers overshot the correction and the market quickly gobbled it back up. Yay! Discounts! We also had a good bit of price action in the $2450s yesterday, so I think it's safe to call this the new support. In fact, no candles have closed below $2450 since! It's looking like pretty strong support.
It looks like price action is "railroading" at it's current level and starting to form another triangle. We could see some consolidation for a little while followed by a break out. There's no way I can call for a further pullback after all of that buying, so I would expect price to retest $2800 at some point tonight. If the bulls charge ahead like they did last night, we'll probably see $2800 BROKEN by tonight! This correction perfectly illustrates why you have to keep those stops tight and as always, trade safely.
Did you find this article useful? Please upvote and Resteem if you wish!
Special thanks to those who have donated! It is very much appreciated!
BTC: 1CXAVW4H2hLvsnor2SgwPfRYd586noDLbq
LTC: LUENAFUWDjoJhoFf3ShzBe9XU82wETkSku
Dogecoin: DNHjTrBssQx6v5u8W6hSrej9ocAX5ShGDb
Monero: 47PwackL2h6H7myZVjMAKfGEViXEHsYgHUup28BeKtEEasYg9MxB5RtaUktb5AUK69YbQ28EYCEe1LTnYcz5AkmFRU1rPWk
Dash: XjQUbmEAqxxMM6GfCV4TLzai947Lp7EUk5
Ethereum: 0xBdAD8baB568f8C1f9F01830fC3B49B1abbD9f32D
PIVX: DSBKpyUY6epRQmpaFesFFV3H93QTPmJmQQ
Burstcoin: BURST-XFYD-YU7K-9MC5-3GYMT
Golem: 0xBdAD8baB568f8C1f9F01830fC3B49B1abbD9f32D
Augur: 0xBdAD8baB568f8C1f9F01830fC3B49B1abbD9f32D
Disclaimer: I am not a professional. Trading is risky and you could lose money. Only invest if you're sure what you're doing.
If I saw a drop in the price of BTC close to $1000 again I would load the boat!
Personal I feel we will never see $1000 again but if we did that would be super awesome!
Whenever gas at the pump goes on sale I load the boat and fill up the extra gas cans.
Amen to that good sir
Cheers!
Exactly! Trade altcoins to gain BTC and buy BTC on the pullbacks!
Oh ya @ancapwarren,
Looks like we are two people after the same vision ;)
Cheers,
Isaac
looks like your golem address is similar or exact to your augur address.
Exodus wallet gives the same address for all Eth based tokens. I thought that was weird too. Somehow they go to the right place though. :D
cool I'mma donate some
Nice! Thank you sir!