$10,000 Bitcoin, Will It Hold?
Here we are again faced with a potential to short Bitcoin off a round number and that round number is $10,000. We saw a great cradle drive lower from $11,000, will we see this repeat?
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The TraderCobb Crypto Show. Talking business in blockchain. Good day guys, hope you’re all well. Welcome to TraderCobb Crypto Podcast. Once again we kick the day off looking at the markets as we do five days a week. And Bitcoin’s pulled back into another round number. Now, why do I like this at the moment? Well, simply put we got a downtrend now on the daily. A lower high and now a lower low that was printed, and we do seem to have some amount into the downside. Look, I do see there being a deeper pullback. Of course, I’ve spoken a lot to the 35.25% pullbacks that we have on average. And we have seen about a 35% pullback. I can really see us going a bit deeper. I can also see reasons for us to bounce here, but I’ve got to trade the trend. And trading the trend is all I do. So with that being said, the four hour’s got a wonderful little cradle right there, right now. Candle’s going to close in the next 15 minutes, I’m keeping a very close eye on that. Currently, we’ve got Bitcoin at $9,643, up 2.33%. Of course the Facebook, I think it’s live right now. The second part of Congress talking about Libra. It’ll be interesting to see the effect it has on the market, if it has any at all. Either way, I’m keeping a very close eye on this and I’m pretty pumped about the cradle that’s setting up at the minute. Last time we saw this, back at about 11,000, we saw a cradle set up.
It did plummet over $1,000 and putting a lot of people into profit there that know what the cradle trade is. Moving on to Ethereum. Very similar here on Ethereum, it’s actually up 6% right now, sitting at $210. We did struggle around $200 yesterday, but a bit of a bounce back into the cradles. And again, it’s already triggered. I did not get a trade on this one. It’s at $210, as I said, and it’s up 6%. Eos, well it’s already had a really, really nice move. I actually got a video out this morning to my members, and if I had have just not thought of that then, I would have got the trade on. I am not short on Eos right now, because I was, as I said, doing the video for members. That’s not to say I won’t get a pullback into the cradle zone right now throughout the day. I will be happy to short this. I love it when a cradle sets up with a flat level. Keeping a very close eye on Eos. It’s sitting at 384, it’s up 5% as we speak. Still, our Lumens…it’s a shame we can’t short it, but today it sits flat right now, up 2%. And it just continues to grind lower, not really much going on there, not much change at all. XRP has bounced off that $28– sorry, $0.28 mark. $28, wouldn’t that be nice? Off that $0.28 mark. And… Look, honestly, I’m not looking to trade it here. We’re sitting at 30.9 cents, up 5% for the day. It’s sitting around support. We may see it bounce from here, we may not. Just because it’s at support doesn’t mean it will bounce. Just because it’s in a channel doesn’t mean it will go back to the top of that channel. So again, one that I’m not really that interested in. Litecoin had a fairly good bounce yesterday, 12.66% up at $89.59. It does represent a fairly strong bounce, but it’s bounced back up into the cradle zone on these higher timeframes, like the 12 hour. Nothing there once again for me to trade. Litecoin leading the way in the top 10 as far as bouncing back goes. Bitcoin Cash, some of my guys got some good trades on it a little while back on the small cradle candle on the 61.8% Fib. It’s moved low; it’s hit one to one, two to one, three to one. And now that there’s potential for it to move lower again, there’s nothing really there for me right now. Currently the price at $290.22, it’s up 2.84%. Binance against Tether, now here’s a thing. Binance against Tether right now at $27.53. It’s had a strong bounce. Again, up 9.5…sorry, 9.75%. Another one that doesn’t really interest me today for any shorting, but across looking at it along Bitcoin, there is the potential for that trend to reverse.
We’ll keep an eye on that throughout the day and into tomorrow. Tron is up 8.61%, sitting at 2.2. Beautiful little bearish candle in that cradle zone right there. Another absolutely wonderful potential little trade there if you know what you’re looking for. And a lovely cradle right there. Good convergence across the four hour and eight hour. It does to me look lower. Looks like the whole market may have another leg down today in my eyes. And coming finally to Cardano. Now there was a little cradle here that’s already true. I didn’t get this, I wasn’t up early enough. It’s at 5.4 cents, up 6% today. Look, a beautiful move into that cradle zone. Wonderful little setup, a nice little start to that move. We’ll see how we go throughout the day, but suddenly this market, at the moment in my eyes, is looking lower at this stage. So wrapping it back up coming into Bitcoin, talk to that again, that four hour candle is there. There is some support down around that $9,000 mark. As a matter of fact, that was the point for which– it was actually about 8900-ish, right? So call it nine, as that’s a round number. There is some support there. Now, we may see a bounce from there. So if I do get short on Bitcoin, I will be looking to scale out before that level. We could see further downside, we could get all the way down to 8,000, but for the time being I’m going to trade the trend. Be aware that 9,000 is approaching, that there is some support there, and we’ll have to wait and see how the day plays out. But ladies and gentlemen, I want you to trade well. I want you to trade safe.
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