[BTC] - Short update, 2.2.18 - "The Panic intensifies"
HI all, Crypto Sludge here.
So we had an epic day today, we dumped hard, really hard, we pumped back almost as hard. If you followed my previous post, "Where is the bottom?" Today i saw some blood, and today i saw some panic and today i saw some fear and despair - and believe me , it's a good thing, we need a true capitulation and despair if we want to recover - the faster we break the faster we can rebuild.
But did i see enough? is it over? - my opinion is that it's not. Although we did touch my 7500$ target (on some exchanges) (and i btfd a little :) ) ,both the selling and buying volumes are not what i am used to seeing during the big dips during 2017, and i don't even talk about the major dips in previous years ( 2014-2017)
So how can we know if i am right or wrong at least on the short term? Well, the 1H chart has been very informitive today.
The TD 9 Buy signal we got @ 3am, although didn't give us a short term reversal has given us both a support and a resistance lines to look at. The support (TD risk line) @ 8050 which we broke but didn't close beneath and the resistance (TD make trend line) @ 9200 which we touched but failed to break. (i am following Bitfinex by the way) as i believe it's the exchange that is making the market these days)
These two targets are my confirmation lines, for both a continued correction or a price reversal and i will be watching them very closely.
Please let me know what you think!
Stay Strong!
Trade ON!
Crypto Sludge
Agree with you totally, unless we break the resistance @9020 , we can expect to see another free fall....
EDIT: 9020=>9200 made a typo, the line on the graph is 9200.
That's what you get when you put more in than you can afford to loose.
Yup, honestly i do feel sorry for people who went over their heads, but that's the harsh reality of the markets. Transferring money from the dumb to the smart, from the impatient to the patient. And unfortunately for every winner there are dozens of losers and there is absolutely nothing that can be done about it, only learning from previous mistakes and the mistakes of others.
I also don't think it's over yet, but I am looking forward to the end of this dip.