Previously, we anticipated a correction from $7200 to at least $6740: Notice just how accurately the price reversed from POC level on this chart @5684. Now it's time for another pullback, the conditions are met. There are two resistance clusters: the first @8070-8090 and the second @8440. You choose where to short. I recommend to apply postion management tools, like moving stops to breakeven.
评论
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The price is crawling towards the short level. I've adjusted it a bit to match the cluster of resistance @8440:
@Nickonomics, You think it will really go up to $8,400++ despite the Tether scandal hack thing going on? =D
Nickonomics
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@mightytrader, Who cares 'bout Tether? They can always print more of this **** :)
mightytrader
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@Nickonomics, Yeah I know, who cares about USDT; but there's always some "story" for why the markets are going to correct. The current one is this Tether hack thing.
Personally, I like when Phil Potter prints more of it. I wish he would hurry up so BTC can get to 100k by the end of the year. =D $$$
Nickonomics
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@mightytrader, Indeed.
The news story says of some $30 mln stolen. This number is really a joke, negligible. Yet, I actually embrace some bad news for my short pattern to be activated. Remember: crypto trading is thoroughly technical.
mightytrader
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@Nickonomics, The price could have been $300,000 only and it could still be used as some excuse.
I really think the China FUD in September was quite strange. Isn't it so interesting how these news stories come out just in time for a correction?
It's like the exchanges themselves are doing TA and decide when to publish some news story for some excuse of when to sell.
OR... maybe it's some random piece of news that someone picks out and says is the reason why market corrects. Maybe there are other pieces of news and the Tether one seems like the one with the best excuse of why price is going down.
No one ever says the price went down merely because there were no more buyers at a certain price level; people always have some story and drama to go along with the price.
Nickonomics
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@mightytrader, Right.
All these stories and news seem real and quite reasonable to people. I'm a big fan of drama too :) As an analyst I write stories every day...
But speaking of trading, all of this should be put aside. Clearly, it's all about patterns, probabilities and money-management. One of the traders that I mentor said yesterday: "Every time I listened to news I failed." These are two examples from his trading experience. He lost money on both China news and Bitcoin cash rally, whereas people who apply TA just bought near MA's.
Nickonomics
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@mightytrader, they're also minting "tether" at the Fed :)