Price is once again consolidating on top of the $9,400 support after a quick drop to $9,100. The larger ascending support line seems to have turned into resistance.
In today’s video we’ll discuss where price may be heading next, key areas to watch and so much more. I hope you find it helpful.
Video Analysis:
If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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Hi workin2005! Thanks for all the updates and the honest, valuable and neutral (considering both sides) content. It gave me the chance(and I used it :-) ) to better understand the world of trading. Now I'm using your content to get a further view of the situation and another opinion.
One thing to say: I disagree with you in terms of the bottom, that may be in. I think we are still in crypto-autumn or to say at harvest and we have not yet even entered the winter. People with holdings from 2015 could sell them now while being in huge %-profit. So why not? And one thing that drives me is the 'visible range' on tradingview. The majority of bitcoins traded is around and below 1000 USD. everything above that is peanuts. But we will see how it plays out ;-) The main thing is just to be prepared.
One question drives me:
I was wondering which exchange for shorting and margin trading you use, especially since bitmex is probably not the best choice at the moment? Any comments on that?
Hey Snowowl. Thanks for your input. Wow...if we're still in autumn, it'd be the longest bear market in bitcoin history. Of course the majority of bitcoins were traded under $1000. Naturally as prices rise, the actual number of BTC traded will be reduced...at least until we see institutional money come on board in a meaningful way...then all bets are off. Until then, holding bitcoin purchased for under $1000 is a pretty low risk play. Especially if you believe the stock market is artificially propped up. I think many big players are adding gold and BTC to their portfolio, hedging against a possible recession.
Still, anything is possible. As you say, "be prepared". As a trader, I don't care if the market goes up or down...I just want it moving! ;-)
I agree, bitmex and bitfinex aren't the best exchanges to trade on at the moment. Best to wait until their legal issues either blow up or blow over. While I don't discuss where I trade, I can say deribit and bybit seem solid.