BITCOIN: BTCUSD
Embargo lifted for a while*
So 15 points blown in the twinkling of an eye and another
false signal...bet that was Goldmans creating a suck-in.
It only takes one really big hitter to see these charts and to
know the exact points to squeeze - or it could just be
paranoia - whatever, so far Bitcoin has given a second false
signal in 2 days. (notice how comparatively smooth and false
signal-free it can be during weekend trading here compared
to when the big houses are on the prowl during the week?)
This fake-out was really cruel - at least price action
stopped us from getting suckered into the long position at the
false break-out highs, but it was enough to take out stops on
the short position, which was the correct position to hold, as
we can see, even more painfully now. It hurts to lose 15
points in quick sucession, but to avoid getting suicidal need to
remember that by using tight stops we've avoided some much
bigger potential losses. Not good to lose a couple of fingers
but at least it's not a hand.
We are where we are, which is back in bear mode, looking to
sell rallies back towards 7100 if we see one...but it's very weak whilst
unable to break back above 7080 and hold. That massive red
candle with pin bars from above on 15 minute chart all spell
further weakness ahead...look to join the selling once the low
7050 gives way, looking for 6925 minimum. If this level fails
today look to increase shorts back to the lower parallel
Embargo lifted for a while*
So 15 points blown in the twinkling of an eye and another
false signal...bet that was Goldmans creating a suck-in.
It only takes one really big hitter to see these charts and to
know the exact points to squeeze - or it could just be
paranoia - whatever, so far Bitcoin has given a second false
signal in 2 days. (notice how comparatively smooth and false
signal-free it can be during weekend trading here compared
to when the big houses are on the prowl during the week?)
This fake-out was really cruel - at least price action
stopped us from getting suckered into the long position at the
false break-out highs, but it was enough to take out stops on
the short position, which was the correct position to hold, as
we can see, even more painfully now. It hurts to lose 15
points in quick sucession, but to avoid getting suicidal need to
remember that by using tight stops we've avoided some much
bigger potential losses. Not good to lose a couple of fingers
but at least it's not a hand.
We are where we are, which is back in bear mode, looking to
sell rallies back towards 7100 if we see one...but it's very weak whilst
unable to break back above 7080 and hold. That massive red
candle with pin bars from above on 15 minute chart all spell
further weakness ahead...look to join the selling once the low
7050 gives way, looking for 6925 minimum. If this level fails
today look to increase shorts back to the lower parallel
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.