Yesterday I said a drop below $7,550 would be your sell signal. I’ve told you my first buy order was waiting at $6,750. Today price dropped 21%, reaching as low as $6,600 on Coinbase. It then rallied as high as $7,400 before settling down. Currently bitcoin is trading around $7,100. If you did buy the dip, I’d raise your stop-loss and protect your profit.
Looking at the daily chart, we can see price found support right on top of the 21 day EMA. If price decisively breaks below (daily candle opening and closing), it could signal a much deeper correction to follow.
Looking at the weekly chart, this week’s candle is currently signaling a potential strong reversal. That said, we still have 2 more days before it closes.
Today we also found out the New York supreme court ordered Tether to stop lending to Bitfinex. This comes a day after that very curious 41% drop in shorts inside of 1 min.
In today’s video I further discuss what happened with the 41% drop in shorts, Tether/Bitfinex news, where price may be going from here and so much more. I hope you find it helpful.
Video Analysis:
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
Disclaimer: This is NOT financial advice.
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