One hard truth about trading crypto: many 'clocks'
Well, friends... Hello again!
After turn of day excitement and disillusionment, here a simple but important example of how key is to keep more than one exchange in check for key levels:
4.272 projection for 'wave 1', down at low 8000's, was hit on many, if not all (most relevant) crypto exchanges, except... Bitstamp. Now, not anymore.
It cost some folks the bad sensation of being trapped for who knows how long, or be point-blank stopped. Could they have avoided it? What do you think?
So, trading crypto is a bit like having many clocks. You never know which one is right at any given moment.
As such, the best you can do is, whenever you have a target, double-check it on multiple "clocks" / exchanges.
Those that I watch more frequently, here on TradingView, are:
(BTW, there was a second option to avoid this trap: as it usually happens in many trading situations, this latest rejection level is also related to 2 day TD Setup resistance line. Please check related idea for more information.)
Now, changing topics, briefly: another noticeable event, also highlighted on charts, are "off-the-book" margin operations on Bitfinex, which frequently lead to higher volatility, as exemplified. Such event preceded latest run up too.
To learn more about this topic, please check here.
So, what you think now? Price going down -- a bit a least -- or no chance, the way is up?
Cheers!
PHInkTrade
After turn of day excitement and disillusionment, here a simple but important example of how key is to keep more than one exchange in check for key levels:
4.272 projection for 'wave 1', down at low 8000's, was hit on many, if not all (most relevant) crypto exchanges, except... Bitstamp. Now, not anymore.
It cost some folks the bad sensation of being trapped for who knows how long, or be point-blank stopped. Could they have avoided it? What do you think?
So, trading crypto is a bit like having many clocks. You never know which one is right at any given moment.
As such, the best you can do is, whenever you have a target, double-check it on multiple "clocks" / exchanges.
Those that I watch more frequently, here on TradingView, are:
- BitMEX
- Bitstamp
- Bitfinex
- Binance
- Coinbase
- HitBTC
(BTW, there was a second option to avoid this trap: as it usually happens in many trading situations, this latest rejection level is also related to 2 day TD Setup resistance line. Please check related idea for more information.)
Now, changing topics, briefly: another noticeable event, also highlighted on charts, are "off-the-book" margin operations on Bitfinex, which frequently lead to higher volatility, as exemplified. Such event preceded latest run up too.
To learn more about this topic, please check here.
So, what you think now? Price going down -- a bit a least -- or no chance, the way is up?
Cheers!
PHInkTrade
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Telegram Channel: bit.ly/phinktrade_tc
Twitter: bit.ly/phinktrade_tw
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