Long the Bitcoin bottom, or watch and wait? Bitcoin traders plan their next move
Bitcoin price dropped to $18,270, but derivatives traders didn’t flinch. Here is why. Bitcoin (BTC) faced a 9% correction in the early hours of Sept. 19 as the price traded down to $18,270. Even though the price quickly bounced back above $19,000, this level was the lowest price seen in three months. However, pro traders held their ground and were not inclined to take the loss, as measured by derivatives contracts.Bitcoin/USD price index, 2-hour. Source: TradingViewPinpointing the rationale behind the crash is extremely difficult, but some say United States President Joe Biden's interview....
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Key Highlights. Dogecoin prices spiked below an important support area of 28 satoshis, but later managed to move back higher. The price is caught in a range of 28-33 satoshis, and waiting for a catalyst for the next move. As pointed out in yesterday's post, there is a possibility of a triple bottom pattern looking at the price feed from IO. Dogecoin's price is stuck in a range, and that's why conservative traders can wait for a break-either upwards or downwards-before placing an order. 32-33 as Resistance Area. Dogecoin prices fell below a major support area of 28 satoshis intraday, but....
Litecoin bulls have made a great attempt in narrowing the recent losses as the price advanced roughly 1.5% to be trading at $1.797. I had mentioned in my previous analysis, Support Breached, Look to Exit! that market participants should build short positions on rise up to $1.785 by maintaining a stop-loss just above $1.795. Since the stop-loss has been triggered, it only makes sense to adopt a wait and watch strategy until convincing directional signals emerge. The 240-minute LTC-USD price chart indicates that the market may test the patience of the traders for a little longer before it....
Many successful traders look for double bottom and W bottom reversal patterns on technical charts in order to spot powerful price reversals. Trading in the direction of the trend is one of the best ways to be profitable. If traders learn to spot a new trend early, it provides an opportunity to buy with a good risk to reward ratio. In addition to identifying a trend, traders should also be able to recognize when it has reversed direction.While several patterns signal a possible trend change, one of the easiest to spot is the double bottom pattern. This can help traders change their strategy....
Traders are using a variety of strategies to determine whether Bitcoin price has bottomed, but on-chain activity and derivatives data hint that the situation remains precarious. Traders are using various strategies to determine whether Bitcoin price has bottomed, but on-chain activity and derivatives data hint that the situation remains precarious.Has Bitcoin price bottomed yet? According to @noshitcoins, derivatives and on-chain data signal that further downside could be in store.Traders have been trying to time the much-anticipated trend reversal ever since Bitcoin (BTC) initiated its....
Knowing how to spot market reversals and when to buy the dip is nearly impossible, but the RSI indicator can help. When an asset enters a bear phase and the headlines are negative, analysts project further downside, and the sentiment shifts from optimism to pure gloom and doom. This results in panic gripped traders dumping their positions near the bottom of the downtrend instead of buying. How can traders go against the herd and build the courage to buy in a bear market? It is not easy because if they purchase too early, the position may quickly turn into a loss. However, if they wait for....