Yahoo Finance Bitcoin Reversal Begins?
You cannot react to what you see on a chart. What you SEE is NOT what you GET. We cannot see what is going on inside the candles. When I made the video, price looked weak and looked like it was going to break lower BUT the support was never cleared.
In these situations, you have to let the market show its hand. Let it make the first move, and don’t get in its way. How many online “experts” were saying “Bitcoin bearish”? They react to what they see, and ignore the probability. All it needs is a catalyst and price can squeeze quickly.
We sent out a swing trade idea for ETH which was based on this Bitcoin price location. Like I mention in the video, from here, price can easily reach the 34 to 36K area since that is the mid point of the consolidation. Reward/risk for longs is VERY attractive in this area since 28.5K is the point of reference.
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This article was originally posted on FX Empire
