Wow, what a day we had huh?
Luckily, if you were following me you'd be prepared for a sell off. Unfortunately, my support levels didn't hold at $11,193-$11,600. I've been self analyzing as to why, this was different than the previous ones, and the only thing I can think of is the closing today, I believe a lot of people began shorting the hell out of BTC -14.37% yesterday and today.
Regardless, I got in my entries in the mid 1100's, so it could be alot worst, and I'm thankful for that!
I've been observing BTC -14.37% this morning and I feel that we're very close to another temporary bottom.
1) We want to see some range trading in this range, I'm not expecting BTC -14.37% to blast off to the stratosphere anytime soon, there are still too many negative indicators. Once we do find the *real* bottom, we should be expecting to see a strong bounce.
2) $7000-$8600 are in play right now. If you can grab a buy there - DO IT!
2) $12,400 - observe it closely. It was the number to look at yesterday, today it's further off, but still a key area.
Lastly, I've been getting quite a few pm's about whether I offer services, social media, or website etc. I'm looking into it, however I really want to focus on growing my presence on tradingview and build from there. I want to earn trust from you, the traders first.
As always if you find this information useful, please support me by hitting the like button, and by throwing me a follow. I'll continue to update this as the day unfolds, and hopefully we can get some trading levels established down here!
2) Watch how it reacts off the 20 day MA (if step 1 completes)
3) If we break past 20 day MA, good sign, I would expect a test towards $11,800 and I would anticipate this would begin to act as a new support.
If your trading tonight, look for the moving averages to hold as support, with a large buy volume coming in behind it. That should be your signal that a bottom has been found. Good luck and I'll update tomorrow!
Looks like we had our range trading I was looking for!
Last night I mentioned the necessity for buy volume to pick up, and for moving averages to be respected as support. So far both things have happened, now I want to make it clear, we haven't had a real downward pressure sell off at these levels yet, so what could happen, is a push to higher zones with a sharp sell off being triggered.
That's what I'm looking for, a real test of these temporary supports we've found.
Meanwhile, if this keeps up I'm expecting to see a test of the $12,400 zone, and depending on the sell off pressure there, should be a solid indicator based on where (and if) we catch support that we may have found a bottom.
Either way, I'll let you know!
With that in mind, and the negative indicators I'm seeing above in terms of lack of momentum, I've closed out all my positions and I'm in a stand by and observe mode.
Good luck all, and trade safely!
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In regards to whether or not you can get a more favorable arbitrage on a different exchange, my advice is to buy LTC (if it wont be at a losing trade) transfer LTC, and convert to cash.
Keep up the great work.
We simply don't know yet.