BTC tested 200MA
Updated
Hello,
I have to admit that I was expecting a correction, but not a big dump like this(it happened in a matter of minutes). Overall, we are talking about a 20% correction in just 2 days. I'm ok with that because I've bought at 4.4k in the spot market; although the futures account took a loss, stop-loss being triggered by the price fall.
Bitcoin tested the 200MA, and got rejected really fast. The speed of rejection is a good sign, but BTC need to exit quickly the proximity of 200MA because this zone works like a magnet(many traders and bots are using moving averages to decide which positions to take), and the price can slide beneath it very quickly. It tends to work as a battlefield.
Let's wait and see. I'm neutral at this moment, even dough the price reenter the descending channel.
Good luck with your trades!
Sisif
I have to admit that I was expecting a correction, but not a big dump like this(it happened in a matter of minutes). Overall, we are talking about a 20% correction in just 2 days. I'm ok with that because I've bought at 4.4k in the spot market; although the futures account took a loss, stop-loss being triggered by the price fall.
Bitcoin tested the 200MA, and got rejected really fast. The speed of rejection is a good sign, but BTC need to exit quickly the proximity of 200MA because this zone works like a magnet(many traders and bots are using moving averages to decide which positions to take), and the price can slide beneath it very quickly. It tends to work as a battlefield.
Let's wait and see. I'm neutral at this moment, even dough the price reenter the descending channel.
Good luck with your trades!
Sisif
Note
If I were a whale, I'd print a Bart pattern now. It would allow me tot continue the distribution at a higher price(9.5k-9.8k). But I'm not. :)
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