Everyone got trapped - if they were trading the longer term time frames. If you were an intra day trader - You possibly made it out ok - But if you are a longer term trader hoping to catch trends bitcoin just slapped you across your face and told you - this market will be behaving differently from now.
The Past price action of Bitcoin should not be compared with the present - That is one painful lesson i've learned in this market. Although we read in textbooks that history repeats itself in markets - But clearly bitcoins movement behavior has changed from the past.
Nonetheless - If you want to trade here - i would wait for daily to close above 9500 area before going long, Or wait for 8800 to break on the daily before going short.
Knowing when not to trade is very important. The current price action is not making sense, So best bet is to wait for the market to give us clear signs before progressing on next actions.
Clearly this is an extremely manipulated market - that 50% move in 2 days was one of the biggest in bitcoins history. Trade carefully friends.
The Past price action of Bitcoin should not be compared with the present - That is one painful lesson i've learned in this market. Although we read in textbooks that history repeats itself in markets - But clearly bitcoins movement behavior has changed from the past.
Nonetheless - If you want to trade here - i would wait for daily to close above 9500 area before going long, Or wait for 8800 to break on the daily before going short.
Knowing when not to trade is very important. The current price action is not making sense, So best bet is to wait for the market to give us clear signs before progressing on next actions.
Clearly this is an extremely manipulated market - that 50% move in 2 days was one of the biggest in bitcoins history. Trade carefully friends.