(BTC / Bitcoin): Still very risky conditions. Recommended to stick to previous call of down-trend/bear market to ~$7170.
If you want to attempt playing the bounces, consider levels $7850 (risky) and $7530.
I may play quick trades higher up, but not recommended if you aren't skilled trading on 1 minute charts.
(I'll be away for a while getting other work done)
(Quick update to chart) No change of strategy.
Hopefully you all have kept safe following my calls thus far? We've avoided quite a few traps over the past day.
If you would like to attempt to take profit on a price rebound, consider the $7990 level we may currently be heading to. Otherwise you can continue to wait for lower
If you picked up Bitcoin on the bounce, do remember to place a sell order(s). Between $8160 to $8240 should be a safe range (naturally, lower is safer, but less profit), so do weigh the risks and gains.
I picked up some BTC at the $8020 point of the drop, right at the bottom. I like to spread buys above and below my precise target (hence my zone is a box). My 2nd order at $7970 isn't yet filled.
Recently some have shared with me theories/calls by reputable analysts that we are ending an ABC correction, and will start another bull run into $11,000 price territory. I agree that data is a bit conflicting at this point with so many traps being laid, but I advise caution and calm.
Right now a break over the Blue line is being attempted, which will put us again in bullish territory (up-trend), and it is very tempting to buy and hold BTC right now.
However, if most of you already followed my advise, we should mostly all be in profits at this time.
The best thing for now is to wait for more data, wait for a very clear break above the blue resistance line ($8600 to $8800) before making a decision to buy in.
Don't let greed/emotion/Fomo make your decisions.
Market Confusion - Suggestion: I understand that right now, many people are confused as to what position to take on the market. It appears to be clearly being manipulated at the moment, not following any natural consensus pattern of traders, but rather, being manipulated by some persons or groups. (3% BTC price climb in 1-2 minutes isn't natural) I'm not seeing any clear direction at this moment.
If you are undecided and afraid of making the wrong decision, "consider" doing this:
1) Put about 50% of your BTC trading assets as buy orders at or just below the current price.
2) Put the other 50% as buy orders at lower prices (or short). (Maybe around $8200, $8000, $7800, or even lower - spread the orders out)
This way, whatever direction the market ends up going, you should be able to at least break even, or close to that. Which to me, at this point, is safer than making a FOMO decision, taking a larger gamble on either direction.
(I'll be offline now)
Direction still unclear. Because of the latest events, which appear to be strong market manipulation (eg, when $BTC price rose 3% in 2 minutes), it is difficult to determine the current price path. Do consider my last advise, positioning yourself to negate/minimize losses: (50/50) - (USD/BTC)
