Just an idea. It seems that the fomo is really on at the moment. Whatever the reason behind yesterday's jump, it's a real possibility that we may see higher prices.
This is very similar to the pump on Dec 30 last year. At that point, everybody was expecting H&S confirmation, but the whales set a bull trap & price stood above 50D MA.
We can also see similar patterns from 2014, where price went up 50+% in a few days before crashing deeper.
I think now we have the 200D & 50D MA together with the resistance line all at the 9k area. This makes for a good place to take long profit & possibly open short positions.
Abnormal market activities have become commonplace, so really I don't know what I'm talking about. Beware of those who pretend they do.
Nothing is going to the moon. Early adopters became million/billionaires. You're probably late in the game & it's only becoming a tougher market. 100x gains are only possible when you take great risks (meaning 90+% you lose everything).
Also EW doesn't work in this market. Please don't tell me yesterday was a "wave". The market is more manipulated than ever. If you're very confident with your analysis, you should do the exact opposite because the manipulators will make it go the other way. I'm not a good analyst, so you can follow my analysis :)
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btw, if it doesn't reach 9k, the lower the reversal the harder the crash (because the weaker the market)
yesterday was obviously short squeeze + SL. not many SLs at this point & we'll see the organic power of bulls soon. if we draw an evening star...
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can go up or down :D
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is the price movement influenced by trump's bombing?
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volume very low. whales may attack anytime.
in the past few months, they always attack on Sunday
my gut says it's a pump this time. not buying, though.
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bearish divergence in volume
does this mean the whales are going to pump over the night?
@DrJLT, Sharia law is strict on investment, apparently BTC is now allowed and this caused the pump.
chinzon99
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One of your best posts to date. It’s just madness half the time with these markets. And I don’t know which half of the time...
DrJLT
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@chinzon99, thanks man. same feeling here (madness) :D I was in fact just sitting in front of my computer when the run happened. should've closed all my shorts, but left 1 open. In fact when it broke 7k I thought 7.2k would hold. only when it broke 7.2 I closed. but I left 1 open because I thought 7.5k would hold. I saw kraken had 8.5k as the high. must be some poor guy's SL. stop-limit is already risky, stop loss = sure loss.