Bitcoin Technical Analysis: WHAT JUST HAPPENED?
Bitcoin moved from $6,350 to $6,100, bounced to $6,540 and then settled back at around $6,350...all in under an hour. While price remained within our known range, clearly market makers are trying to shake things up. Be careful...this could get interesting.
If the goal was to scare retail out of their short positions...it didn’t work. Shorts remain stacked at near all time highs.
In today’s video analysis I discuss market psychology, what may be happening behind the scenes, traps to avoid and MUCH more. I hope you find it helpful.
Video Analysis:
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BIAS:
Short Term: Neutral
Longterm: Very Bullish
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
Great video so based on market profile, that $6200-$6500 area is the no trade zone correct?
Thanks Rolland. Yes...that seems to be where the most trading is taking place. Personally, that’s a no trade zone for me. I want to see price break out of that zone before placing any orders.
I dont think retail would get scared out of their short positions, I think they know its fairly obvious what will happen in the very near future if ETF is delayed/rejected.
I agree...which is why MM are so frustrated. It’s comical to watch this standoff.
Let's cross fingers!!!
This was crazy, cross your fingers!!!
Yes it was ;-)
When you least expect it, it blows out.
Posted using Partiko Android
You gotta love this market.
What happened....an exchange was hacked a few days ago and the smart guys sold over the past couple days. Well the news just hit (I think monero and bcash too) and BITCOIN SOLD OFF....here is the key...It was BOUGHT BACK UP immediately and on bad news.
This is very very bullish here
I saw the Zaif exchange was hacked, but they only got $59 million in total assets. That doesn't even equal 1% of daily trading. I don't think this would have triggered a selloff.
It looked to me like a stop hunt. I think MM's are getting desperate to wipe shorts off the board. That move was too perfect. It dropped perfectly just below the prior low, right where you'd expect stops to be waiting. They then ran it up to the known $6,540 resistance to try and scare shorts into selling....which didn't work. Bitcoin is now sitting right where it was before this all started.
Oh i agree. Looks like we both think the same :). That was 100% a stop run shakeout but the shorts didn’t hold the linexxxthey did on that tap reversal but they are going to have to hold more than that I bet. And there is too many now. They cave.
Certainly possible. Should be very interesting. I’ve never seen a stand-off like this. It’s truly comical.
Trading with bitcoin is really tricky.