#BTC
Opinion on the Bitfinex situation:
There have been several signs from the TA perspective that price was topping out naturally. The news acted just as a catalyst to bring the price down and finally test 5k.
When the price is exhausted, the smallest piece of news can set it off. The market had already been going down for 1 day before the news broke.
"As a short term trader, should I buy the dip yet or not?" Not yet. There are small chances that 5k is gonna hold the price. Would not recommend to try to catch this falling knife.
The daily RSI finally broke down the channel, which we've been anticipating.
On the weekly chart we got rejected by 50-Week MA and we're not gonna pass it this week for sure. This can set off a full long pullback as low as to 4k, and if the price doesn't bounce strong off 4k area, BTC is in trouble. For continuation to 6k bulls must maintain 4650-4800 zone.
️ One more thing to consider: BTC Longs on Bitfinex are at the lowest level since the 31st of December 2017 (!) while BTC Shorts are sharply rising.
ߋ cryptobullet
Opinion on the Bitfinex situation:
There have been several signs from the TA perspective that price was topping out naturally. The news acted just as a catalyst to bring the price down and finally test 5k.
When the price is exhausted, the smallest piece of news can set it off. The market had already been going down for 1 day before the news broke.
"As a short term trader, should I buy the dip yet or not?" Not yet. There are small chances that 5k is gonna hold the price. Would not recommend to try to catch this falling knife.
The daily RSI finally broke down the channel, which we've been anticipating.
On the weekly chart we got rejected by 50-Week MA and we're not gonna pass it this week for sure. This can set off a full long pullback as low as to 4k, and if the price doesn't bounce strong off 4k area, BTC is in trouble. For continuation to 6k bulls must maintain 4650-4800 zone.
️ One more thing to consider: BTC Longs on Bitfinex are at the lowest level since the 31st of December 2017 (!) while BTC Shorts are sharply rising.
ߋ cryptobullet