Bitcoin Drops! Bear Trap? Start of a Larger Correction?
In yesterday’s update, I told you bitcoin looked ready to make a larger move. Since that time, we’ve seen it drop over $1,000. Price found some support at the ascending support line we’ve discussed.
Zooming out on the weekly chart, we can see we’re still trading above the upper Bollinger band. I’d like to see this week's candle close above $11,500 later today. That would denote a major break above the prior resistance set back in January/February of 2018, which would likely signal continuation to the upside. As of now price has dropped below $11,500, trading at $11,100 on Coinbase.
In today’s video I discuss, where price may go from here, traps to avoid, key areas to watch and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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I just talked about that weekly candle in my post today too. That thing is ugly. Be interesting to see how the next week or two play out, but no way I'm adding btc with that candle out there. Hold what I have (though I'm tempted to sell) and wait and see
I hear you...that weekly close was nasty. Sold a small amount at $11K, but holding on to the majority as well. Very interesting times ahead.
Hey dude! I've been following all of your recent posts, in light of the general upward move in BTC. Had to allocate my limited time/energy to other projects while BTC was stangnant, but you're analysis is very helpful, as always. I just sold 0.025 BTC for ~ 700 Steem (as I bought into BTC at around the $200-$400 range, and so I believe that getting some BTC gains off of Coinbase and into my Steem wallet can be put to more ACTIVE use. I am also then doing monthly buys of Doge with Steem, as my research is showing that DOGE will have a STEADY increase in the long-term, and since it is so cheap (like $0.003) I think it is the MOST feasible coin for dollar cost averaging. I bought like 600 Steem at rock bottom ($0.32-$0.34) around four months ago, and then sold some for DOGE when it shot up to around $0.45 - $0.50. Another option is Tron, at around $0.03 for diversifying with Steem profits. With all of the Steem dApps, and accompanying airdrops I believe Steem is (and will CONTINUE to be) a good long term investment, as there are a growing number of ways to further leverage Steem (ex. SteemMonsters, DrugWars, SteemHunt, interest on Steem Power, etc.). Any thought on this strategy? Keep up the good work...
Hey! Great to hear from you! Sounds like you've thought this out. If you believe in the projects, then go for it. I've got a slightly different strategy this time around than in 2017. I think most of the alts will die off, with maybe a couple doze surviving. I think BTC will be the least risky thing to accumulate in the coming years as who knows what projects will be left standing in the end. I also thing BTC will be much more profitable than many think. I doubt we'll have the kind of alt season we did in 2017. I do invest in a handful of alts, but the majority is in BTC as that's where the coming institutional money will likely go.
STEEM is a good project, but a risky one IMO with all the competition out there now. Still, I agree it's growing number of Dapps is a good sign.
This market is insane. Very similar to the dot.com boom. We all know there's a TON of money to be made, but no one knows exactly which coins will make it. The projects that look great now may not be around in a few years. Guess time will tell. Wishing you all the best my friend!
Yup. I agree completely. I am selling of (in a methodical manner) my small amount of BTC over 1.0 (Magic #1), and focusing mainly on those alts which are FUNCTIONALLY valuable. For instance, with Steem I have more CONTROL over earning and then using Steem to my OTHER altcoins. But when I say alt-coins I am talking about the more functional ones like BAT (which I think is going to be HUGE), Presearch (which I earn by search and don't actually have to sell off BTC to invest in. I'm also using from of the Steem I buy from the quarterly sells of TC to delegate to the dApps (ex. SteemHunt, SteemMonsters, etc.) because that also increases the incoming Steem, which I can then use to buy the cheaper alts (like DOGE) and some of the other new dirt-cheap ones, to get in on the ground floor with the hope that some will take off. Since we are still in the beginning stage of crypto I think it is the best time to diversify and experiment in a smart way - but agree that the core BTC investment is the best HODL. It's also important to consider the airdrops and forks (like BCH and BSV - free money). I have sold most of my 1+ BSV just because of the nonsense going on there, and bought DOGE, which take that free money out of that more risky forked token and into something which has been more table long term (albeit built on a meme). I think it would be great if the "meme"-crypto could go to the moon, which I think would be a perfect pun on the irony of the value of currency...
Well said!