BTC: a short reckoning is coming, price action too obvious...

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

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    2489523-cQPM_mid.png
    BTC: a short reckoning is coming, price action too obvious...
    Bitcoin / Tether USD POLONIEX:BTCUSDT
    Zulu_Kilo
    mSmG1v93_mid.png
    YES, there is a lot to take in with this chart...

    Guys, be REAL careful shorting this right here. The one thing I've learned about crypto price action is that it tends to be impulsively obvious before it wrecks all the traders that position themselves in the "obvious" immediate price action trend.

    Yes, we have had a VERY bearish past few days here. Price plunged by about $1000. BUT, take in a few key things.

    A couple of things to take away from this fast price action. It's totally impulsive... Price came within inches of a major support trend line , but never actually touched it. ABCD patterns play out ALL of the time, and when price comes extremely close to a trend line but doesn't actually touch it, it confuses traders because they expected the opposite (resistance) trend line to be next. Well...... This is the volatile nature of Bitcoin .

    If I am correct about this, the next month or so, price will become EXTREMELY volatile.

    Almost EVERY trader I'm seeing is calling to cover the CME September contract gap (seen below)
    idea-image-placeholder.svg

    And I agree... I too believe that it will be covered. ***BUT*** I do not believe we are straight headed right for it from here just yet. There are still 7 days left till the end of the month, which is when those contracts expire. And I fully believe that we will go back up into 11500 range before we plunge down into the 9k price area. Another supporting factor for my bullishness here is the bullish divergence on the RSI . Notice how the price went down, however the Stoch RSI went up!

    Don't get caught with your "shorts" down... These exchanges play these damn games all the time just like this. Do look for the CME to step in and start slapping the exchanges around a little bit closer to the end of the month. They are in the business of filling gaps, and gaps they will fill.
     
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