BTC no fly zone at the moment.....
Updated
STO on Bitcoin situation since China FUD
(TLDR: possibility of closing exchanges; unconfirmed local media outlet Caixin - Article Below)
cnbc.com/2017/09/08/bitcoins-price-tanks-after-report-china-plans-further-crackdown.html
Entering longs anywhere between these ranges (unless right @ support/resistance with tight stop) not substantiated by risk reward.
Entering shorts anywhere other than top of this range no better.
Personally I'm sidelined at the minute waiting for a convincing change in BTC sentiment. Right now this looks like sideways action testing floor more than ceiling. If we see $4400 I'll be shorting again with tight stop. Same as if we see $4000; these are just quick scalps though and nothing I'd hold long term. Concern is if $3900 breaks than $3500 is next support which is a long gap.
Careful out there; no LT trades to be made yet in my eyes.
(TLDR: possibility of closing exchanges; unconfirmed local media outlet Caixin - Article Below)
cnbc.com/2017/09/08/bitcoins-price-tanks-after-report-china-plans-further-crackdown.html
- Support since break down has been $3900-4100.
- Resistance since break down has been $4400 - $4500
Entering longs anywhere between these ranges (unless right @ support/resistance with tight stop) not substantiated by risk reward.
Entering shorts anywhere other than top of this range no better.
Personally I'm sidelined at the minute waiting for a convincing change in BTC sentiment. Right now this looks like sideways action testing floor more than ceiling. If we see $4400 I'll be shorting again with tight stop. Same as if we see $4000; these are just quick scalps though and nothing I'd hold long term. Concern is if $3900 breaks than $3500 is next support which is a long gap.
Careful out there; no LT trades to be made yet in my eyes.
Trade active
New entry was 4130 target exit is 4350 - 4400. Tight stop in place. Will update when closed.Note
Closed at 4330 thanks to some margin calls. Sideliniing again.
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