Bitcoin Tanks But Was It BAKKT?

Well that was a big move, was it BAKKT, was it Thomas Cook or was it just a market that moves?
I will be waiting for my entry here patiently and you should too.
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By Trader Cobb -

Good day guys, hope you’re well. Been a little while since I spoke to you. I’ve been all over the shop really. Busy in Hobart, Melbourne and events in Sydney as well. So I just wanted to go through and have a look at the top 10 with you guys because there has been… Well there’s been a lot of activity lately hasn’t there?

I mean if we talking of Bitcoin right now, just quickly look at the weekly. Look, here’s the thing that’s been of my concern, is that the lower high here, lower high here. We had the potential to break out for a higher high as well. But obviously we’ve moved lower now. Couple of things to note here is the depth of the pullback. We’ve come back 41.21% now which isn’t out of the realms of normality, if you look at the pullbacks through here that we saw.

We definitely saw a number of really strong pullbacks of that 40% tight region like back here. We also saw a 40%ish move back here. It’s just that they happened a fair bit quicker than what we saw here. If we look at the month though just quickly throw that up. You’ll see we’re actually back in around that 10 period Moving Average, which is quite normal. We saw back through here, touching on that 10 period on its way up. So nothing too out of the ballpark.

Definitely lower highs and now we have some lower lows coming in there on that weekly as well. Is it tradable? Well, at the moment, not particularly, not from my point of view. If you have a look here in the four-hour, we’ve seen quite a quick dump. It’s gone down very fast and you’d be pretty brave to have gone short here. You may have, but since then there’s been really no really nice pullbacks even going down to the really low timeframes.

Maybe, here, we might actually see a nice flat level form, which would be nice. I’d like to see that. We’ll wait and see if we get that eventuating throughout the afternoon and throughout the evening. It’s just a matter of time to see if we do get it. Okay, so, through the rest of the top 10, let’s have a quick little look through. Ethereum against the dollar of course having a big fall as well. Pretty unfortunate actually because as it pulled back into the cradle zone, it was looking really, really nice.

Uptrend had kicked in. Very good run of course. Now we’ve undone all of that and quite spectacularly as well. EOS as well looking at hit here. Big fall. Again a really, really decent fall there. Regained a bit from those lows. Just keeping an eye on here. Anything on the pullback here that I can trade. Let’s go to the lower timeframe and just check again, any flat levels here that we could be interested in.

XLM, XRP

Not just yet. It’s just a bit out of control at the moment, and that’s what the, not my concern, but that’s what’s keeping me being very cautious in the market at the moment, is just how fast it’s moving. Nothing on XLM. XRP. Good run up and then a very strong collapse once again here as well. So let’s have a look here. The one hour, back into that cradle zone. Let’s have a look at the 15, any flat levels. Ooh, nothing yet. Let’s draw a level through here.

LiteCoin

Look, I’m going to keep an eye on that. It’s got a lot of, a fair bit of work to do, but there might be the potential for a Bitcoin breakout short and if there was to be that, then I may look for that. It’s low risk, because of course we’ve got, I guess, a really volatile market at the moment which I need to be very careful of. From there, onto Litecoin. So XRP one to keep an eye on. Litecoin. Look it didn’t really bounce much and it sort of led the market down.

We saw a decent move, if I jump back to the daily here. It moved lower a day before the rest of the market and then yesterday of course having another really, really strong fall, so it’s broken down through most of those key levels of support there and holding down again through those lows today. So not a great deal of interest there from me on Litecoin. Bitcoin cash as well. Very strong fall, a huge fall as a matter of fact, yesterday, we’re talking about 24%. Big, big, big move indeed. Happy to leave that for the time being. Binance against Tether. If you can trade this short against a dollarish pair, then there is also a flat level.

Tron, Cardano

I know some platforms do offer that. Just keeping an eye on that now, that flat level sort of coming about. But need to have conversions. Might get it. We’ll keep an eye on that. TRON, another one that’s in the list there on the 10 but it’s not doing a great deal at the moment. Needs to pullback a little bit deeper. Cardano in the same sort of boat and BSVS, they had a massive fall. Humongous fall which will make some people happy. What I will say is this. It’s in the downtrend and it’s moving quite nicely. Just a matter of waiting for it to come back into that cradle zone again really. It’s pretty straightforward from here.

There was a a bit of a breakout that I mentioned to the Hobart class. Through here. And if I look at it on the one hour back up here. The market was a bit thin there, but it has had a very strong fall from it. Just waiting for opportunities. So guys, bottom line is this. Be patient. Good time to sit out for the time being in my view. Maybe some little opportunities for shorts. This market is so volatile right now that I’m really waiting to see what it will do next before I take any real action here.

So, have a great day. I’ll speak to you all again soon. Don’t forget, anyone in London, Malta or Singapore, we are on our way. October will be when we come out to London, so not long at all. And from there, Malta and Singapore back to Sydney. Don’t forget Adelaide and Perth, we’re coming for you as well. Have a fantastic day. Trade safely, be patient and I’ll speak to you soon. Bye for now.

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