Bitcoin had the drop

Тема в разделе "English", создана пользователем Trading Ideas, 24 сен 2020.

  1. Trading Ideas

    Trading Ideas Участник

    Bitcoin had the drop
    Last TA we talked about how we were in a bear flag pattern and today in the last hour and half of the market we dumped. Now how massive was this move? Well we can see the volume spiked with two 1k candles, yet the second was retraced by half. Looking on CoinbasePro 24hr volume we didn't hit the 10k btc volume , so volitatiy isn't back just yet. As we know a massive move would need that over 10k-to upward in the low 20k btc 24hr volume . Before getting on too the TA we can also remember liquidity is gonna cause massive movement in bitcoin and as more and more people move BTC off exchanges they are losing liquidity.

    -Just the stock market dropping over 500 points and continue tech sell off. Again Bitcoin is a means of exchange around the world, but it is correlated towards the Tech sector of the stock market and the dow is mostly tech, so they follow each other.
    -The dollar is making a comeback, but I don't see the real correlation towards the dxy and the stocket market with Bitcoin .

    -We have dropped out of our flag pattern , yet as I talked about volume we did have a slight pickup, yet it doesn't seem that massive imo
    -The yellow dotted line as we talked about as the "Slide" is playing out nicely and we are trying to find support around 10256.68
    -RSI is oversold, so its bullish
    -MACD has had its crossover and leans bearish , yet since its under the volume indicators its in an oversold state.
    -The 50ema is hitting as resitance, so that would be a prime long term target to go back and breakthrough. Most the time in Bitcoin , we usually dip below it for a few hours or day till we flip bullish again.
    -We are under the high vpvr levels, which means a massive move is expected towads the upside giving us a price target of about 10418 or a little less

    Final thoughts
    I think the possibility of going lower is possible, but I would like to see Bitcoin have higher bearish volume to see a sub 10k since it created a lower high bearish volume compared too the sept 21 dump. Key outside factors is to watch the order books. A useful website is tradindviews little brother, tradinglite, which shows you a price range of where the orders are sitting pretty heavy. For now I'm going to stay neutral, but lean bearish .
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