Did That Really Just Happen?
Bitcoin had a nice 4-hour trend going and was threatening to continue and provide long trades however, that all took a turn today with the sharp fall we saw.
The duration of the trends on the mid-term time frames is getting shorter and shorter. Will we see further decline or another higher low?
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Good day everybody there. Hope you’re all well. Look, I just wanted to walk through a couple things with you that happened to Bitcoin fairly recently. Of course Bitcoin has come off quite significantly. We are down 5.5% or thereabouts and it sort of happened quite quickly. I’ll just show it to you in the fifteen, you’ll see it just sort of went , a very decent sort of fall, not massive, you know two, 300 bucks, something like that.
And it kind of sets it up now for potential trades for me. I’m waiting to see if we get any pullbacks up into this region. Obviously, we do have a downtrend there on the four-hour, on the eight-hour, on all these time frames. So what was a nice little trend starting to, I guess, walk its way through, has now reversed, which is quite common. ‘Cause we see the uptrend then we go downtrend then we go uptrend and that’s why it’s been tricky trading since we sort of had that run-up to 14,000 or so.
I mean look, we go downtrend then reverse to uptrend, very short period of uptrend, then we go downtrend, an ugly downtrend, then we go uptrend, you know we typically have been finding one trade in each of these moves. I haven’t found one over here just yet. There was this trade here, off of the 11,000 level, that was a nice one.
There was this one a couple of weeks back on that two-hour cradle that I put out there. That one back here, again, caught, managed to capture a fair, old chunk of that move, getting stopped at here. And so again, we are getting opportunities, it’s just they are few and far between. There’s no opportunity on that last recent fall and from my view, the only opportunity, or the only potential opportunity that was available here was at two o’clock in the morning for me so I didn’t take it and it was this and I probably would have taken that had I been around.
Of course it would’ve been stopped out, but you know stiff bikkies that just is, it just is what it is. So yeah, I mean right now we are failing to have any trends with any real amount of direction for long. You know, this was a decent one but this one, not enough. It’s gonna be very interesting to see what happens from here. It has been messy, there haven’t been as many trade going lately but that’s what require… Is required by good traders is to know when to stay out of the market, when to get in and be active If you have a look here, if we can hold 10, let’s hypothetically say that we do hold 10, all right?
High or low and then we come back up, that would be really positive. The other opportunity or the other side of that is if we break down through nine, if we do break down through nine, then you know that’s fine as well. I just want some direction. I much rather the market to go up, you heard me say it a thousand times before, that I would much prefer that. But the reality of this is, is that we’re just gonna trade what’s in front of us.
And what’s in front of me right now? Well, a fairly good bit of red. So let me go through and have a look at a couple more with you guys. Ethereum here, I was a bit bummed. You know, there was a beautiful cradle that pulled back up into here, I didn’t take that cradle… I probably should have obviously with hindsight, it’s very easy.
But look, I was actually looking at this, I was trying to get a bit more sneaky on this bad boy. One, two, three test. I wanted it to come down and just stop, you know, give me another opportunity and get a stop in with a bit of a tie but now of course it has already moved and I didn’t partake in that trade. Now what I’m looking at is really just seeing if there’s any pullbacks You know, just gonna see is there any pullbacks back up into these cradles then, we’ll have to wait and see, it’s not there yet, but it is certainly a nice downtrend.
If we go across now to EOS, it is down and not a lot more to say about that. I didn’t mind EOS here, it just didn’t give me a really bearish candle. Stellar, of course, pretty average. XRP, I didn’t take this, the candle was a little bit too big for me, probably coulda taken that, again hindsight, but the fact is, I didn’t take it and it is starting to fall back again.
That old support through here has become resistance for the time being and yeah, I’ll… You bet your bottom dollar I’ll be looking for opportunities to short from here. Now let me just draw in some fibs for you guys. Uh, there we go. And let’s just draw it in from here. Okay, 38.2, I think, I’m just gonna put it to there as well.
All right that’s the one I like. Okay, is there anything for that one as well? No. All right let me get rid of that one but from this and this, back into the 61.8 and the 50, that is something that I will be keeping a close eye on. Pop that into the Watch List. All right let’s keep going. We’ll dig a little bit deeper here. Litecoin coming off but no trades, sitting at $74 mark. Bitcoin Cash, again pretty average.
Binance, TRON, Cardano, Bitcoin SV
Binance coming off but average. TRON rolling over, not the greatest. Cardano, I didn’t really like this on the daily because it didn’t really pull back very far and it’s quite divergent. Again, I’m not too interested there. And Bitcoin SV, again having a fall. So the main ones I like the look of are XRP, Ethereum and Bitcoin. Guys, trade safely and, you know, if you cannot make it along to these live courses, that’s not a problem.
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