Bitcoin Technical Analysis: BE CAREFUL
Bitcoin spiked about $150 inside of 5 mins. As expected , it found resistance just under $6,750. The bears quickly rejected it, wiping out most of the gains. Bitcoin is now sitting on top of the wedge it had been operating in for over 2 months.
Longs started stacking, suggesting some retail investors believe this is the breakout we’ve been waiting for. I would say, BE CAREFUL.
In today’s video analysis, I discuss where price may go from here, traps to avoid, what I believe market makers may be thinking and MUCH more. I hope you find it helpful.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) 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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by Workin2005
Hey there Workin, I agree in principle with the advice however I am curious where you saw the longs stacked up, this is what the longs looks like on Bitfinex:
Bulls not exactly going to town... did I miss something?
Hey my friend. I showed you in the video...but maybe you missed it. The second the spike in price happened, longs spiked. They've since done a 180 degree reversal settling at the origin. Longs never outpaced shorts. This was a warning to those thinking of going long at the time. After that spike, my twitter DM's blew up with people asking me if "this was it". I made this video in response.
Here's the longs chart showing the initial spike:
Damn nice one bro. Im still hoping for a healthy breakout. Im not really strong on TA, but what does it mean when the longs are stacked and the shorts still appear normal , doe it mean the longs played their cards already ?. Full vote for this...
Speaking of trading , im gonnal learn all these eventually as i plan on trading futures on digitex once they launch.
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Thanks @destinysaid. It just means some retail investors are reacting to the current market by placing buy orders. In this particular case, it was fairly unremarkable.
Ok, just gave you a follow.
Its important knowing these sort of things.
My biggest problems in trading is knowing how to ID when the longs are playing their cards.
I know when accumulation is going on and all that...
I applaud your learning. You might want to check out TIMM. It's a site geared towards bringing investors of all levels together with analysts. The site is not yet completed, but you can sign up and take advantage of many of their functions. It’s all free and I get nothing if you sign up. Just thought you’d be interested. If you are, I have an entire post on it here:
https://mentormarket.io/cryptocurrency/@workin2005/calling-all-investors-and-traders-a-closer-look-at-timm-traders-and-investors-mentor-market
nice sir.
Thanks @hunny100dev