You'll notice some bounces along the way, but it's not wise to jump into the market right now.
There IS a chance of reversal, if we can rebound strongly off of that orange line/channel, however analytically, it is not likely, so the current odds are safer not to bet on this happening.
Converting $BTC into $USD, $USDT or $NBT for the short term can be a wise and profitable move at the moment.
Buy back into $BTC if/when we confirm the bottom of this bear market.
Very good and profitable year of Cryptocurrencies ahead of us.
Caution here. Very decisive moment. Bulls attempting to break channel (orange) to force upward trend. A clean break should mean another wave upward. Pressure back to below the blue line (orange in my last snap) indicates continued downtrend. Do not take action yet.
Hopefully traders didn't buy into this Bull trap last night (@ $8575), when I called for caution, and to not take action at that point (don't buy into it).
It attempts to imitate the start of an impulse upward after an A-B-C correction, but was a trap into a 8.6% price dump. $Millions lost from those who bought into it.
Instead, I bought on the way down, predicting a rebound to follow.
Bought multiple between $8200 to $8000.
Sold all @ $8300.
It does appear as though a bull run is being attempted at this point, but still be cautious (likely a trap).
Likely 2nd Bull Trap.
If you want to attempt playing the bounces, consider levels $7850 (risky) and $7530.
I may play quick trades higher up, but not recommended if you aren't skilled trading on 1 minute charts.
(I'll be away for a while getting other work done)
We've avoided quite a few traps over the past day.
If you would like to attempt to take profit on a price rebound, consider the $7990 level we may currently be heading to.
Otherwise you can continue to wait for lower
Between $8160 to $8240 should be a safe range (naturally, lower is safer, but less profit), so do weigh the risks and gains.
I picked up some BTC at the $8020 point of the drop, right at the bottom.
I like to spread buys above and below my precise target (hence my zone is a box). My 2nd order at $7970 isn't yet filled.
Extreme Caution here.
I agree that data is a bit conflicting at this point with so many traps being laid, but I advise caution and calm.
Right now a break over the Blue line is being attempted, which will put us again in bullish territory (up-trend), and it is very tempting to buy and hold BTC right now.
However, if most of you already followed my advise, we should mostly all be in profits at this time.
The best thing for now is to wait for more data, wait for a very clear break above the blue resistance line ($8600 to $8800) before making a decision to buy in.
Don't let greed/emotion/Fomo make your decisions.
I understand that right now, many people are confused as to what position to take on the market.
It appears to be clearly being manipulated at the moment, not following any natural consensus pattern of traders, but rather, being manipulated by some persons or groups.
(3% BTC price climb in 1-2 minutes isn't natural)
I'm not seeing any clear direction at this moment.
If you are undecided and afraid of making the wrong decision, "consider" doing this:
1) Put about 50% of your BTC trading assets as buy orders at or just below the current price.
2) Put the other 50% as buy orders at lower prices (or short).
(Maybe around $8200, $8000, $7800, or even lower - spread the orders out)
This way, whatever direction the market ends up going, you should be able to at least break even, or close to that.
Which to me, at this point, is safer than making a FOMO decision, taking a larger gamble on either direction.
(I'll be offline now)
I also see the ABC portion as a another 1-2-3-4-5 downtrend.
So far my guidance seems correct.
Also, very heavy market manipulation along with bots making up the vast majority of trading volume yesterday.