Well what an interesting time it has been over the past 24hrs in the crypto world!
After the mystery bogie man snuck up and bought a huge amount of Bitcoin stirring up a FOMO frenzy we saw a huge jump in and price!
This could very well be a red herring and once the roll over starts those that bought on the way up may decided to lock in their profits and help the downward trend hit even harder as the momentum could really pick up some speed on the way down.
However this could now be the star of the rollover as the steam is starting to be deflated from the balloon and momentum is starting to ease off. The shorts that were squeezed could now be holding their ground as the 8.2k mark (a big ) has been tried, tested and failed to be broken and held so far.
This is giving us the oppotunity to hold out on our SHORT holdings as the may very well continue as if there is only one flash in the pan and no other big boys coming to join the party we could be seeing a fair amount more red over the next few days/weeks.
Just Incase I have opened up a couple of long positions to off set the shorts and now back to being hedged in the LONG sentiment as very long term I think we will be seeing big leaps with in 6 months.
Here’s to the bears and sharks, may they find a way to break down the buy walls for the near future and give us all another oppotunity to buy more for the long haul.
On the chart I have circled the now starting to go in the favour of the sharks through out the day wiping out the gains along with a ‘ghost’ possibility that could play out.
The old resistance I have left in as the red herring pump could be ruled out as a one day blip...
You can find all my current trades on my etoro account https://content.etoro.com/lp/practice_account/?dl=30002029&utm_medium=Affiliate&utm_source=65728&utm_content=517&utm_serial=&utm_campaign=&utm_term=