In my last update, I warned market makers may push price down to liquidate long positions. We had longs stacked and shorts falling off with extremely low volume. This was all a recipe for at least a temporary drop in price. Today we saw that happen as price dropped from $4,050 to as low as $3,750. It’s currently trading around $3,780 on Coinbase.

Looking at the daily chart, we can see price found support right on top of the 50 Day MA. If it decisively breaks below, I think a drop to at least $3,600 will become likely.

While some long positions were liquidated by this latest drop in price, overall all, longs still remain stacked. Shorts remain mostly unaffected.

In today’s video analysis I discuss, where price may go from here, traps to avoid and so much more. I hope you find it helpful.

Video Analysis:

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing. 

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Responses

  1. firedream

    I understand less than half of these analysis lol! Looking at these graphs and lines and making predictions…this is like analysing a turbulant fluid flow.
    Thank you for sharing and putting it in such a level that ignorants like me can at least understand close to half of it 🙂
    FD.

    (1)
    1. Nicholas

      A half! You are smart, i think 🙂 For me, is more modern art with fancy coloured lines, and less understandable data 😀
      Actually, what i can accept, the resistant levels. And also worthless, because im not a trader, or precisely, im a casual trader 🙂

      (0)
    1. Workin2005 Post author

      Spero non sia troppo lungo. Vediamo cosa fa la SEC in questo primo quater del 2019. Come stavo dicendo a qualcun altro, penso che l’approvazione degli ETF porterà nuove inondazioni di denaro nel mercato.

      (0)