$10,000 To Be Tested On Bitcoin
Bitcoin is struggling to hold itself up right now along with litecoin, Ethereum, XRP and the rest of the top-10. It is a bit of a sea of red out there right now and 10k holds the keys. If we fall through I will be hunting shorts, what will you be doing?
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The TraderCobb Crypto Show. Talking business in Blockchain.
G’day everybody, welcome to the TraderCobb Crypto Show. We’ve got Bitcoin down 7% right now, pushing to, we’re very close to daily lows, hanging out around those lows with half an hour to go until the daily candle closes. And it ain’t looking too good. But it’s a good pullback. Now, here’s a couple of things that concerns me. Well, I shouldn’t say concerns me. It’ll be interesting to see how we hold 10,000, if we hold 10,000. We might just dip straight below it at this stage. It looks like it. It’s got a fair bit of momentum to the down side. Now, I just spoke with my members before and the scan that I do each morning. Oop. Here we go, we’re heading towards it. Wouldn’t be surprised if we break down through 10 whilst I’m on this podcast. So, I was looking to see if there was a potential for a short. There wasn’t.
I wanted to see it pull back in a little bit deeper if nothing else, even just a bit of a Fibonacci level back into, say, somewhere up in the 50s, 61.8. And of course we’ve pushed to new daily lows just now. And it’s quite a good move, you know a couple of hundred dollars, and look it’s realistically, from my point of view, a market whereby I am being cautious for the time being, with 10,000 approaching. If we can break down through 10,000 perhaps pullbacks in the 10,000 might offer me opportunities to short. But in the same respect we might bounce from 10,000. We are over-extended from these averages on the four-hour, and we tend to see pullbacks after– If you look on the way up, we had a 17% move from the last pullback. Now we’re seeing ourselves having a fall from last time we were in the cradle zone to where we are now of about 12%. So there’s plenty of room still to go, it’s just a matter of trying to wait for that opportunity. Across the rest of the top ten, I mean, look, Bitcoin’s at 10,055 right now or 63. It’s just jumping around quite a bit. It’s down 7.75%. Ethereum took a bit of a beating, a fair bit of hurt there on Ethereum. And yeah, a strong move down of 9.5% in one four-hour candle. We’re at 187. Smashed straight down through 200 with a lot of enthusiasm. Down 10.43% as it stands. And look, the daily is now officially back into a down trend. It was looking quite nicely on the weekly, but no longer does it look good. It looks quite bearish. On to EOS, $3.67, down 9.9%. A very strong fall once again, all done basically in one candle, 9% down in one four-hour candle. Stellar Lumens is down 6.95%. It’s sitting at 6.9 cents and not doing a great deal. XRP. Really interesting candle, this one. We’ve been building, and I’ve been talking about 28.5 for a very very long time now as being XRP’s support. Well that support had started back on the 15th of December in 2018. Well it broke, and by jingo, by George, did it move. We saw a low down there of around about 23.6 cents, a very large move indeed. And it does certainly look a lot more bearish now that we’ve broken down through those levels. Not a lot going on there at XRP. We’re sitting at 26.1 cents, down currently 12.23.
Litecoin is at $76.15. We are seeing the market coming off quite heavily right now as I speak with you. I think Bitcoin’s gonna make a run at 10,000. Litecoin right now is 76 15, down 10.1% and just driving lower. Good trend, some support at about $74. We’ll see if that holds. I really think we’re going to see this break down through 10,000. Bitcoin Cash, 309 19. It’s down $38 today, or 11.18%. Very strong start to the day followed by a very quick dip back down. So it’s been a bit of a dangerous day for Bitcoin Cash. Pretty ugly chart if I’m honest. Binance now as well, down 8.69% sitting at $26.89. It was starting to get a little bit of rhythm. Now, not so much. Again, looking pretty average there on the daily. TRON, largest fall, currently at 12.55% down. Across the top 10 it is the biggest decliner. Didn’t get any trades. There was a pullback in at the cradle zone. A really nice one, but the problem that I had was it was a little bit divergent. Didn’t really give me any entries that I was after. And this can also be a little bit funny, the trade with margins sometimes, especially on the BitMEX charts. Cardano is finally the last one I’m gonna look at here today, down 10.3%. Sorry, TRON was at 1.7 cents, down 12.55%. We’ve got Cardano now 10.3% down, sitting at 4.7 cents effectively having a pretty bad day once again. So it’s been a tough run. You know, if you think about Cardano, we’re at 4.7 cents now. It was only a month and a half ago that we were at 10 cents. Halving in value and causing a bit of pain across the board. Well, speaking of pain across the board, the whole board is feeling that pain. The only thing I wanted to have a look at last thing is the BSV against the dollar. Watching some support there, and it just went straight through it. So unfortunately the potential trade I was looking at there didn’t set up, didn’t eventuate. Straight down through. Might look for some pullbacks into there, BSV, down 9.43% currently sitting around, where are we? 130 and 30 cents. The market’s copping a little bit of a beating here guys. I’m just waiting for my opportunity to get through it. Will we see Bitcoin hold that 10,000 or will we fall below? Well, that’s up to the market. Right now it looks to me like we’re going to go below. Bitfinex not below. We’ve got Bitcoin with Coinbase, it looks like it has dipped below. Yes it has. And the XBT contract has as well. It looks likely to me we’re going to go below. And I’ll be looking for opportunities to short. If you don’t know how to short, well that’s on you. Jump across to TraderCobb.com, and we’ve been talking a lot about these live courses that we’ve been doing, but you know what? You’ve got online versions too guys. They’re gonna be updated shortly.
You’ll have lifetime membership to all of our courses forever. Just get on, get started, and learn how to trade these markets. In the members’ area as well, we now have video walk-throughs on how to use certain types of accounts as well as the risk calculator there to help you to manage your trade risk going into the market. So have a fantastic day ladies and gentlemen. Will speak to you again very soon. Bye for now. This show is proudly sponsored by TraderCobb.com, the leaders in checklist-based trading strategy. Yes, that’s exactly how it sounds. I’ll teach you a literal checklist so you can tick off items and be decisive very quickly. Get across to TraderCobb.com where there’s a bunch of free content there for you to have a look at. And of course, if you’re interested in having me come to your city, click and register for the live events coming up and filling fast. Have a great day. Visit TraderCobb.com now.
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