Panic over Bitcoin potential fall!
Will stocks continue to fall too?
Two open orders both short on the Nasdaq. I found that the range on the SPX (which is the leading indicator) was too high and my risk management calculations meant I couldn’t have a stop loss at a sensible level. However, NAS100 range isn’t as high and thus offers me trades within my risk allocation.
NAS100 dropped low on Friday and returned to close back above the identified resistance zone again. Bulls and bears are fighting here and it’s a case off seeing who wins the fight. When the winner shows, the price will move suddenly. I’m keeping my position short and aiming to reach the 200ma at least (currently near 6230)
Still not triggered into this trade. Price may well compress right into the apex.
On the 4 hr chart, I identified an inside bar which may offer signs of this compression, so if price exits this compression zone, it’s likely to expand that stored energy and shoot off in one direction. Being bearish on this, I’ve set an entry order just below the Mother bar to go short.
Expecting stocks to fall and currency to flow to safe havens, of which JPY is the safe haven for asia, plus GBP being under pressure over brexit, I entered GBPJPY short after a compression breakout on the 15 minute charts. I really don’t tend to trade of charts and lower than 1 hr but gave this a go away with minimum trade allocation.
- GER30 (Dax)
DAX was the worst performing index on Thursday losing 2%. It is also strongly under pressure anyway and not made as much recovery as other indices. So I placed a short sell order below previous low. Like the NAS100, it made some afternoon recoveries.
- Cardano (ADA)
- GAS (GAS)
- Ethereum (ETH)
- Life (LIFE)
- Po.et (POE)
- SteemIt (STEEM)
- Steem Backed Dollar (SBD)
- Binance Coin (BNB)
Bitcoin long or short?
This has been the discussion (read: panic!) over the weekend.
I’ve sidelined bitcoin to Euros and DGD coin in order to make the most of the bitcoin short that is approaching. I will buy back into bitcoin when it’s cheaper and I’ll use the inverse price action of DGD to make some profit during BTC fall.
The call was made by Siam that he expects the stocks and Bitcoin to fall as money exits the markets. So far, the stocks have fell by a significant enough amount to have people talking. But bitcoin broke what some people were calling a key level and thus people think it’s going long.
My opinion? I wrote this post on Saturday which still stands. Funnily enough, Siam posted later that day with an identical chart layout and predicted price action going forward.
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