BTC: dont be stupid and be patient!
Updated
Bitty is gonna come down because:
- Too much longs are still open (opened by traders at lower levels) so they need to be wiped out
- BTC futures expiration this Friday, pain is at 53-54K even though 58K is stated as max pain price
- Market is still too optimistic, we need more fear for a reversal and that fear is about to come
- You are still opening longs because you think there's a double bottom...
Stay patient, go do something with your life instead of staring charts all day. Come back on Friday morning and we can trade again. Take some days off, nothing is happening here apart from traders getting rekt. That's the harsh truth of these markets.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
- Too much longs are still open (opened by traders at lower levels) so they need to be wiped out
- BTC futures expiration this Friday, pain is at 53-54K even though 58K is stated as max pain price
- Market is still too optimistic, we need more fear for a reversal and that fear is about to come
- You are still opening longs because you think there's a double bottom...
Stay patient, go do something with your life instead of staring charts all day. Come back on Friday morning and we can trade again. Take some days off, nothing is happening here apart from traders getting rekt. That's the harsh truth of these markets.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Note
COVID UPDATE: a new variant of covid (almost more variants then China bans crypto) is here to shake the markets... Now like I said, I DID expect BTC to come down, yesterday it looked like I was wrong but I said many times: FRIDAY. So today is that black friday and you get discount on crypto... However! The biggest pain is yet come when New York opens at 15.00, what can we expect? Probably a stop hunt rise towards 55,3K (previous support) and then a dump to the bull market support band around 53K. Depending on how far the S&P500 and the Nasdaq are coming down, we will see worse behavior in crypto. Institutions will always dump their crypto FIRST before looking at their stock portfolio. There is support here BUT when a few whales decide the party is over, the party will be over. In my analysis above I did not expect a fundamental crash, just a deleveraging event / getting the options traders. Max pain price for BTC moved from 58K to 48K in the last 12 hours. This is not good. Should you sell? Thats up to you, its always bad to sell during a correction. Worse is to sell after the market crashed. If you are in profit, you could take some chips off the table before New York opens but this up to you and I do not give any financial advice. Going forward, we need to look how BTC and alts behave over the next week. If they behave choppy; with big moves up and down, this means big trouble. If they stabilize and we see organic moves up again, that would be much better. To be continued. DYORNote
Played out pretty much exactly as expected, these type of reversals is why I trade! Lets go Bitty, we need to hold 55,5K as support and break back above 60K this week and we will set a new ATH. Lesgo!
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