Bitcoin - Pump Before the Dump

Let me be the bearer of bad news for you all. This shoot up to $8000, was a pump. If you don't have access to volume profiles or you are not watching the daily volume, then I would advise that you come to terms with the fact that you are missing the bigger picture under all the hype. Today's spike was built on no volume and now that we are near $8000, there seems to be a lot of volume around this price. This means that people are actually participating in the market, including the sellers. Call it what you want (resistance), but this is where the blood bath begins. The price will drop below $7200 once again, and if we are unlucky we could see a huge sell-off as people panic. On the chart, I have highlighted some key areas to currently keep an eye out for. With this huge run to $8000, I would only be looking to buy below $7200. If the price falls below the 30 VWMA then hold tight and wait for it to cross back up before buying. The red area is the selloff area and if we drop down to this price, either BUY loads more BTC or get off the sinking ship as this would be lower than the 60 VWMA.

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"Patience is the key to any market" - Nathaniel.

Next update will be next week - Thank you for your love and support.

Regards

Nathaniel - "The value Trader"
Little Big Movement

Kommentera:

let me be clear, In my last post I specifically stated to only start buying BTC, XBT, Bitcoin or whatever you want to call this cryptocurrency under $7200. In the world of electronic trading, a limit order under $7200 would have placed you in a perfect intraday profit right now. Who cares about the 10% pullback, because the charts two days ago were already telling us the potential values areas below the $8000 high. Looking closely at the Green value area above, BTC nearly engulfed the box. Thes are the opportunities that we should be looking for in the volatile crypto markets.

Summary: We will be entering the green value area again and possibly going to test the 30 VWMA. Don't be surprised that BTC has pulled back because when everyone is bullish that is when you should be considering being bearish.

P.S we are still in a Bull market....but we always need a correction :-)