Bitcoin Asia Morning Update 9.20.17

Hello traders, if you follow our posts, you know we are expecting a range trade down to lower levels now that our bull trap was triggered with a break of a bearish rising wedge.

Not much has changed in our outlook. Price attempted to recover above $3,920usd following the US market close but have suffered further losses down into the $3,800 region.

Our recommendation is to invest in bitcoin i.e. buy and hold down at lower levels. My target with be $3,000usd and under for value. Traders will encounter tough price action with violent volatile swings as traders on either side react emotionally to price movements in a thinly traded market. I am only looking to invest in Bitcoin at exceptionally attractive levels. I wouldn't trade this market with someone else's money much less my own.

We must make note that normal volume is lacking as Chinese traders normally in the market get settled elsewhere or have sidelined themselves altogether until the dust settles. This makes for lighter than normal volume that is easily moved toward retail/consumer levels. What we call in the forex market, stop-loss hunting.

Long positions from this morning should have been stopped out for losses or manually closed as price fell through the wedge bottom noted in this mornings previous posts.

Final thoughts are to stay sidelined until you find a value of level. Traders, be careful pulling long positions even as prices continue to fall. The earliest levels short interest may look to wane is around $3,500usd. From there we could see a dead cat bounce setting up another round of bull trapping. With everyone talking $10,000usd per bitcoin, there are plenty of fish waiting to be gobbled up by big market players interested in taking easy money and braking trading confidence in cypto currency price stability.

Do not trade cryptocurrency on margin, ever! It is simply too volatile of a market to consistently "win" in most cases even with good money management.

Happy trading.

Poprocks has traded currency in the forex market for more than 10 years starting back in 2006. Many a fortune earned and lost. I lean on those experiences to draw up analysis on BTC price movements.

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