#ETH
The idea I shared on Oct 12 has played out about halfway for Bitcoin. Where’s the other half? It’s the sentence marked with the wavy line: “There’s still liquidity at another high that hasn’t been swept.”
Things always change as the market moves. For a couple of days, the big players really had the market in their grip, and I admit I was a little worried it might “plunge all the way down.” So I kept updating my posts: first, telling everyone not to trade the range and to only take positions at the upper and lower boundaries; then telling you all to get ready to buy the dip. If Bitcoin broke below 80,000 and couldn’t reclaim it, and headed straight for around 75,000, then you could scale into long positions.
After last night’s fake breakdown, I can review why Bitcoin broke below 80,000 and I went long around that level—and why, before Bitcoin broke 81,000, I confidently posted that it was heading to consolidate above 82,000.
It was because I checked the order book. At that point, there were lots of long stop-losses, and as the price fell, total open interest was increasing while CVD was moving down. This clearly showed the market falling as a crowd of traders chased shorts. So I just waited for the fake breakdown to be reclaimed, then went straight in!
The same goes for Ethereum. There are two gaps below, and price could go to either one. You can place positions around each gap.
The idea I shared on Oct 12 has played out about halfway for Bitcoin. Where’s the other half? It’s the sentence marked with the wavy line: “There’s still liquidity at another high that hasn’t been swept.”
Things always change as the market moves. For a couple of days, the big players really had the market in their grip, and I admit I was a little worried it might “plunge all the way down.” So I kept updating my posts: first, telling everyone not to trade the range and to only take positions at the upper and lower boundaries; then telling you all to get ready to buy the dip. If Bitcoin broke below 80,000 and couldn’t reclaim it, and headed straight for around 75,000, then you could scale into long positions.
After last night’s fake breakdown, I can review why Bitcoin broke below 80,000 and I went long around that level—and why, before Bitcoin broke 81,000, I confidently posted that it was heading to consolidate above 82,000.
It was because I checked the order book. At that point, there were lots of long stop-losses, and as the price fell, total open interest was increasing while CVD was moving down. This clearly showed the market falling as a crowd of traders chased shorts. So I just waited for the fake breakdown to be reclaimed, then went straight in!
The same goes for Ethereum. There are two gaps below, and price could go to either one. You can place positions around each gap.