Bitcoin New York Market Lunch - UK Market Close Update 9.21.17
Hello Traders! Price has moved down further into the New York lunch session and UK market close. We advised of further losses as bull traps we mentioned previously we're triggered.
Our last post indicated that a triangle formed around $3,900usd and a breakout below would see prices move toward interim support around the $3,500usd level.
We haven't quite reached there yet but it looks as if some long position stops we're triggered allowing for a bigger fall.
We still advise a sideline position until we can get to levels of $3,000usd or below for investors to maximize value on this volatility. Margin traders should use extreme cautioun as prices can whipsaw in either direction just as fast as they rise or fall.
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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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Nice chart!
Thanks. Normally I would do more and make them easier to read for newer traders with annotations but I just got through Irma down in Florida. We got power back on just yesterday but the internet is still down so I have to do all this from my cellphone. I could do so much more but I'll be patient lol.
I say hold what you have for now.
Very much so. People who own bitcoin have really nothing to fear from any price movement. If it goes down it will eventually recover, especially over the long term. However people who are trading, especially on margin are quickly wiped aside when price moves so violently in a single session.
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