Let’s have a look at what the hell is going on now that we’ve seen the pump and where this bitcoin trap is likely to sit what we have to look out for in case. We have some trades in the market or if we just don’t understand exactly what is going on what the chart is telling us. We’re specifically looking at the chart and what the information is telling us about the buyers and the sellers in the market because the main thing going on right now is the excitement. The greed is starting to trickle back into the market and we know whenever that happens. There is something dangerous coming. You get to see this content in your news feed and stay up to date.
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We’ve got bitcoin to get through we’ve got major cryptocurrencies in the top 20 that we’ve looked at over the last couple of weeks as we’ve been tracking this market pretty precisely over many months now. But, in particular, this recent period of bitcoins pump and dump and pump and dump and then in this last 24 hours the breakout. We’re going to look at those cryptos and how we’re able to pick the stronger horses over the weaker horses. There is a specific way that we have done this and we’ve talked about it and you that have jumped on board things like Matic for the case of manic which is basically almost tripled from that bottom. You’re able to get better trades and better investments. Basically, short-term profits rather than getting married to projects like ADA or DOT. I’ve got nothing against these. It’s about not getting married to these things. These projects basically lied to everyone. They talk it’s all marketing and everyone goes on about it.
Let’s be part of a community online and just wake each other off. It’s so stupid you’re here to make money and investors don’t make money by circling around each other and jerking each other off to be part of an online community. It just doesn’t make sense to me this is the holder mentality that is pushed through social media through youtube, through Twitter because it just makes new people feel better we’re not about teaching Amanda fish and understanding what the market is telling us. All right, as best as we possibly can because we are going to make mistakes. But, more often than not we’re able to get some profits out of the market. If we’re not right we know where to put our stops to get out of the market to stay safe. So, it’s about being safe as well this is all about a probability gain. This is not saying this must happen.
But, it’s a probability so with that said check out by bit link in the top of the video description probabilities are with cryptocurrency exchanges of course from my own research exchanges that can make money in down markets so bear markets and bull markets are probably going to survive now this is cryptocurrency. Nothing is guaranteed but exchanges that can short and go long they’re going to make more fees therefore they should be able to survive if they had a good leadership team and obviously the rest of the team.
Let’s take a look at bitcoin so we’ve got to get through the trap first and also the price levels that we are currently experiencing for bullishness. So, the best thing we need to see next from after this pump. You know we’re looking at specific levels and you can see the market did get rejected 21 700 that was the key level here. So, this is that yellow line across the top you couldn’t the market just couldn’t close above it. It kept testing it. But, finally if in the next six and a half hours we can close above that 21 7 that is going to put us at the strongest position that we have been in since that really fateful period in june June 13-14-15-16 and then we dumped into the 18th. That was a really scary period because we finally broke down from may and everyone was extremely fearful now the market is getting very close to closing above these levels are probably the highest close it will have since the 16th of June if in the next six and a half six and a half hours. It does stay above that level.
This is basically the trap now because everyone has now seen all of the bullish nurses. You’ve got everyone on Twitter saying 28 000 or 35 000 or anything like that. That has to happen uh it feels like the FOMO has rushed back in at least for the people who are still around in the market so the buyers are sort of piling and saying I missed out on 18 or 19 000. I need to get into 21 or 22. You can start to see. Even though there’s six and a half hours left. You can start to see that the market is getting pushed down so if the old saying rings true which I’ve seen it ring true all the time saying being that the professionals control the clothes. We want to know what the professionals are about to do for bitcoin in the next six and a half hours.
So, this is two hours 20 because it’s a 4-hour bar but we want to know what happens at the end of the day that’s the most important here. So, we need that higher close and if we follow through and start to close above this little conjunction here at about 22 and a half to the other close here is at 22 562. That’s going to put us in a much stronger position. So, the probability swing in our favor that bitcoin has a much better chance to run up to 24 and a half thousand. So, this is how we are reading the market day after day after day and staying on the right side of the market that’s all. This is about is really just staying on the right there is no right and wrong. But, essentially the profitable side. If you were going long you want to stay on that side of the market as long as possible that’s all you have to do in trading.
This article is a transcription of a video made by Jasson Pizzino
Original video: https://youtu.be/7eNkOZeP_EY