Bitcoin update: since the strong sale a few days ago, the price seems to have found some stability. The appearance of two long wicks and interior bars undoubtedly add to signs of short-term resistance. It is a good place to cover shorts, or carefully add to the long-term inventory. The larger structure is now in a much less favorable position for a more significant price recovery in the short term.
While this market is still within range when viewed from a broader perspective, it still has some leeway to retest the recent low of 5188. A close below the 5430 area will trigger a continuity pattern of impulse towards lower prices.
Before you get caught up in the exaggeration and nonsense surrounding this market, bear in mind that the 4900 area is the lower limit of the highest-grade support zone of .618. This area has been in play since June and still remains. This means that, however ugly the graph may appear in smaller time frames, the market in general still maintains the location of the price, where a larger investment is a high probability.
In addition to that, the most recent sale was basically activated by a tweet. A mining dispute that moved the price hundreds of points in about 15 minutes. This type of vulnerability is a risk that prevails in these markets, particularly because there is no regulation. Initiates can use any means necessary to push the pack out of positions or, worse, lure them into shorts. This is how great players accumulate positions at excellent prices. They do not buy maxima.
Fundamentally, it has not changed much and we are still bullish in the long term. We have purchased the recent settlement to add to our inventory, but with care. If the price goes down, we can handle it. We are a strong hand, and if you no longer meet our purchasing criteria, we will stop buying and only retain. For us, the short circuit at these levels (even if we could) does not make sense in terms of risk.
We maintain our separate long and short-term strategies. Since we are playing a strong defense, we will not take any long exchange triggers that appear.
The short-term structure now favors weakness, so that for us to make a trade exchange for a long time, we need to see a particular investment structure in place. And since it requires the market to make a higher initial movement, we will leave it out until it matures in the pattern that fits our most selective criteria. This helps filter noise and false outputs that are highly probable at the current level.
In summary, the synchronization of markets consists of knowing how to adjust more than anything else. We do not operate with an "absolute" mentality, or the losing mentality that runs rampant in this space.
Our long-term outlook still remains stable in the face of the 6K break. We recognize the opportunity and the risks and stick to our plan with our only adjustments to increase our defensive measures. And for us, that means being more selective in the short term, while consolidating our long-term portfolio. Just as the experts said that the price was lower, they can talk louder as quickly. It is not necessary to have a large account to think and maneuver like a big player.
