Finally, some new data to work with. We have a break below 30K. Here are some pictures and notes.
Bears took the bull by the horns last night and showed it who was boss.
Here’s the next level of support above 28k but caution is warranted. The bears are in control right now.
Price action oscillators on the larger timeframes are still in bullish divergent setups as you can see the RSI is at a higher low. This means the bottoming pattern is still in play, it just means 30K isn't that bottom. Timeframes under the 12HR are all plotting measurements in line with the price currently so there’s no expectation of a rebound yet.
The close of the day will put the daily trend back to bearish if it remains below 32k, which… it’s pretty far away at this point. Confirmation of this trend would be a rally to 30k and failure, but based on market structure it’s a bearish trend again at end of the day today. The weekly close is still a long time away though to consider exiting long-term positions that are in profit. It’s entirely possible that the price can rally by the end of day Sunday.
Use the asset to start the bot instead of usdt- as the price moves to the bottom of the range cash out the bot in the asset (instead of tether or a mix of the 2)- you will find that you now have more asset even though the value of it is less- on the flip side, if it gets past the top of the range, congrats- cash it out in tether and save it to buy the next dip- or wait for a drop and start the bot again
Great time to have trading bots eating up this volatility
Very true. I’ve been doing a lot of fiddling with bots and backtesting to see what are decent strategies during bearish markets.
Use the asset to start the bot instead of usdt- as the price moves to the bottom of the range cash out the bot in the asset (instead of tether or a mix of the 2)- you will find that you now have more asset even though the value of it is less- on the flip side, if it gets past the top of the range, congrats- cash it out in tether and save it to buy the next dip- or wait for a drop and start the bot again