Deeper drop than expected but still on trend - I noticed more negative news today - my hypothesis is that this is part of the manipulation and the machine is pushing for the stops to below 10k.
I'm a newbie!! so don't take my advice on buying / selling. To highlight this I can't even update the chart as I have hit my publishing limit :)
I recommend watching BitrRage on you tube who has an opposing idea - based on more factual info.
Also note that i got in early so I can take a temporary hit!
@reppac,
I've still got cold sweats.
not over yet... If I was driving this I'd go one last time for any set sell orders to ensure I breached 12k
reppac
⋅
@hardforky, your chart leans toward horizontal S&R lines, are you not swayed by the trend line from peaks in december, jan and last week?
hardforky
⋅
@reppac, Yes and NO
These lines do track back to Dec, Jan and Feb (I'm just a bit crap at line drawing/not trained in trading charts). However, now I (currently) look at these lines differently and I am conscious that following patterns is exactly what a Market Maker wants - If this is a big player manipulating the market the S&R are just traps for the traders who follow the rules of trading into losing their money (like me). December was primarily driven by new money - much harder to control. Much of the activity in the last month (both buying and selling is being controlled by a cartel. I'm an outsider and my hunch is that they are playing the market for fools aiming to sell off north of £12k (but will trick folks for a while at that level).
That being said, when I put this together this morning I thought charting was a load of bolox but now I realise you can potentially use them as one indicator - coupled with Behavioral economics, etc.
Hmm, these lines still look a little wonky :)
hardforky
⋅
@hardforky, I also called the bottom back on the 5th/6th Feb. Put a bet on the bounce taking place off the ETH 200 SMA as it looked like ETH was dictating a lot of the selling as big players had moved investment into it from BTC. It hit exactly on the line and bounced but most trading folks say it was just coincidence. I'd probably agree with them (hence why I would not take my advice) but no one has given me a decent rationale on why we bounced on BTC.
Following the crowd is a bad idea in this space. The more news out there, the foggier it gets.
reppac
⋅
@hardforky, good for you. I set mine too low by $400, highly annoying.
Sleep was a bit jangley last night. Took some profits and re-entered, although a bit too early. Didn;t see that full 50% retracement coming. Pretty obvious in now I can see the Elliott 1,2,3,4,5 wave.
Back up - hope its as quick as the last lot. Need to pull my profits and spend them.
Thanks for the call.
You are good!