Top 20 cryptocurrencies are down 8-30% in the last several hours. BTC is trading at $8475 USD currently. Wow!
BTC down 14% over the last 24 hours.
Time to buy???
Personally I wouldn’t touch it with yours !
Fundamentally, i do not know whether it is a good time to buy or not. However, technically i think it is worth the risk. Price is trading way above year open and is definitely poised to form a close up yearly candle. Price also trading above ichimoku cloud, awesome oscillator histogram is also illustrating bullish momentum at the moment. June Low at 7000 price level would serve as an immediate support.
On hindsight, there are rumours that 80% of the coins are in the hands of a few big and powerful people, and they could deliberately push price down below 6000 taking most trader out before going up. Thus, a safer strategy would be to wait for price to breach 11000 price level before buying. For the contrarian, just keep buying and hold, IMHO crypto are here to stay in our lifetime.
There’s also the connection to the Bitcoin futures market, with 40k contracts expiring today. Might be something to watch out for at least for another day. Of course that could mean you miss a big move to the upside, or your saved from buying right before a big move down.
Still going down. Trading under $8K. $7500 and a bounce up, or further down? What’s your key level?
![bRih5yw[1]](http://babypips-discourse-media-production.s3.amazonaws.com/original/3X/a/5/a58faa2fc179010ba097499f24177dfa42723754.png)
Setup for shorting
Every market is moving within neverending cycle: …balanced -> unblanaced -> balanced -> unblanaced -> balanced -> unblanaced -> …
Balanced markets cover 80% of time. Trending markets last 20%.
It is hard to understand, but many cycles are developing at the same time on different timeframes. Learn more in Peter Steidlmayer original materials.
The zones of balances can be detected on chart as they form the triangle shape. The zones of unbalance forms trending movements (pumps and dumps).
Here is a pair if the #BTC chart. On the top side - 30m bars, it shows the triangles of balances. The goal of a trader is to find low-risk opportunities. Where do they hide? Think from the point of view of market balances. From my point of view - the rational answer is:
sell at the top line (resistance) of the new balance after the previous balance was broken down
buy at the bottom line (support) of the new balance after the previous balance was broken up
On the bottom side - clusters tick chart. It shows the details and confirmation to open the trade. A lot of green clusters - minor buying culmination. Some sellers are knocking out amid triggering their SLs. Some buyers enter breakout longs. Soon, they both will find they made a mistake. This is your setup for shorting.
Big drop but not in turmoil as you put it…
Price will be back to $10k by next month
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I’d be inclined to agree with you
Hmmmm, top 25 cryptos are down an average of 25% over the last 7 days, but okay.
They will bounce back as always.