Bitcoin drops (again)!
Yet another market maker play on Bitcoin which I explained many many times now and referred to in my last idea (see below).
After we bottomed out, market makers set up traps in leveraged longs, giving retail the idea they were genius with a sub 40K long on BTC - in order to release liquidity to the downside whilst filling institutional orders around the 36 / 37K. As you can see from my tweets, BTC hit my targets exactly. By principle, now is not a time for trades in any direction, rather a waiting game.
What will the Bank of England and the ECB have in mind for us and how will numbers from the USA (this Friday) turn out for the markets? There's a lot going on politically and financially worldwide, a slippery slope for day traders. I'm more of a swing trader and prefer to catch a macro bottom or macro top whilst enjoying passive income during a mark down or mark up phase.
Currently we are still in a mark down phase and relief rallies have been weak across the board. Sure some day trades could have gained your portfolio 20 to 40%, yet again I don't favour these type of set ups.
With the Nasdaq coming down after the bad Facebook news (no surprise here), we are likely to see some more downtrend till the weekend. For Bitcoin it is crucial not to break the low at 33K. If we do, we can expect another round of red across the market. Holding at 35K would be a sign of local strength and could possibly lead us to retest the 40K level, a crucial pivot zone.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
After we bottomed out, market makers set up traps in leveraged longs, giving retail the idea they were genius with a sub 40K long on BTC - in order to release liquidity to the downside whilst filling institutional orders around the 36 / 37K. As you can see from my tweets, BTC hit my targets exactly. By principle, now is not a time for trades in any direction, rather a waiting game.
What will the Bank of England and the ECB have in mind for us and how will numbers from the USA (this Friday) turn out for the markets? There's a lot going on politically and financially worldwide, a slippery slope for day traders. I'm more of a swing trader and prefer to catch a macro bottom or macro top whilst enjoying passive income during a mark down or mark up phase.
Currently we are still in a mark down phase and relief rallies have been weak across the board. Sure some day trades could have gained your portfolio 20 to 40%, yet again I don't favour these type of set ups.
With the Nasdaq coming down after the bad Facebook news (no surprise here), we are likely to see some more downtrend till the weekend. For Bitcoin it is crucial not to break the low at 33K. If we do, we can expect another round of red across the market. Holding at 35K would be a sign of local strength and could possibly lead us to retest the 40K level, a crucial pivot zone.
IMPORTANT: this is not financial advice, trade or invest based on your own risk and research.
Important update on Twitter on 10x Club, a weekly newsletter curated by me containing research & analytics on the crypto market & the amazing opportunities during the bear market - Check my Twitter or website link below:
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