[BTC]🚨PRICE ACTION🚨KOREKSI JADI DUMP!! | MASSIVE LIQUIDATION!! | LANJUT SIDEWAYS | #DYOR

Summary

This Bitcoin update discusses the cryptocurrency's significant drop below the 6,000 mark, contrary to initial expectations of a mere correction. The speaker highlights the high volatility typical in crypto markets, referencing past experiences where Bitcoin has seen even steeper declines. They analyze market sentiment, the impact of Black Rock's investment activities, and the potential for a market reversal. Emphasizing risk management, the speaker shares their trading strategy, including setting up long positions and using the 21-day moving average as a tool for trend analysis. They conclude by cautioning viewers that while the market is currently consolidating, there's a possibility of further downside, advising to use analysis as a secondary opinion in making trading decisions.

Takeaways

• 📉 The Bitcoin market is currently experiencing a significant drop, with the price falling below the 6,000 mark, indicating a bearish sentiment among investors.
• 😕 Despite the long-term upward trend, the rapid decline in Bitcoin's value is a common occurrence in the cryptocurrency market, highlighting its high volatility.
• 🔄 The speaker suggests that the current market situation is a regular movement in the crypto space, especially during overbought conditions, and advises not to be overly alarmed by the drop.
• 🗓 Historical data shows that August and September can be negative months for the cryptocurrency market, with Bitcoin experiencing an average decline in value.
• 💰 A significant trigger for the recent sell-off was apparently an outflow of funds from an investment corporation, which led to a loss of market demand and increased selling pressure.
• 📊 The speaker discusses the importance of using tools like the 21-day moving average (MA21) to help determine long-term trends and potential support levels in the market.
• 🚫 The recent trend line breakdown indicates a lack of respect for previous support and resistance levels, suggesting a shift in market structure.
• 📈 The speaker shares their personal trading strategy, emphasizing the importance of risk management and setting up positions with a clear risk-reward ratio.
• 📉 The speaker anticipates a potential continuation of the downtrend, suggesting that the current upward movement may be limited and could lead to further selling pressure.
• 🤔 The speaker reminds viewers that trading involves risks and that even with a well-thought-out strategy, there can be losses, which should be considered part of the trading process.
• ⏰ The speaker plans to monitor the market closely and is prepared to adjust their strategy based on further developments, especially if the market shows signs of a reversal or continued downward trend.

Q & A

What is the current state of the Bitcoin market according to the speaker?

The speaker indicates that the Bitcoin market is currently experiencing a downturn, with a significant drop below the $6,000 mark, which is causing a more negative sentiment among traders.

What does the speaker suggest about the volatility of the crypto market?

The speaker emphasizes that the volatility in the crypto market, particularly with Bitcoin, is very significant and that the recent drop is not unusual compared to past experiences where Bitcoin has seen drops of $10,000 within a few days.

What is the speaker's analysis of Bitcoin's price movement in the context of the 21-day moving average?

The speaker uses the 21-day moving average (MA21) as a tool to help determine long-term trends. They mention that Bitcoin's price is chopping around the MA21, which is a sign of consolidation and can indicate potential future price movements.

What event or news triggered a selling pressure in the market according to the speaker?

The speaker points out that one of the triggers for selling pressure was an outflow of $102 million from ARK Invest, which led to a loss of market demand and a significant drop in Bitcoin's price.

How does the speaker interpret BlackRock's trading activity in relation to the market?

The speaker finds it interesting that BlackRock's buying momentum suddenly stopped, which seemed to cause the market to lose demand and contributed to the selling pressure and price drop.

What is the speaker's strategy for managing risk in trading?

The speaker advocates for proper risk management, suggesting setting aside a small percentage of total capital for trades and using stop losses to minimize risk. They share their personal experience of losing 0.5% on a trade but managing the loss due to proper position sizing.

What is the speaker's view on the use of Fibonacci retracement levels in trading?

The speaker considers Fibonacci retracement levels as a potential area for price reactions and possible trading opportunities, suggesting that they could be used to set up long positions with a plan to cut losses if the price moves below previous lows.

What historical patterns does the speaker mention regarding the performance of Bitcoin in August and September?

The speaker notes that historically, August and September have often been negative months for the crypto market, with August showing mixed results and September tending to be red, or down, on average.

What does the speaker suggest about the potential future movement of Bitcoin based on the current market structure?

The speaker anticipates that the current upward movement may be limited and that there is a possibility of Bitcoin continuing its overall downward swing, potentially aligning with a market structure shift and creating a lower low.

How does the speaker approach the idea of providing secondary opinions in their analysis?

The speaker stresses that their analysis should be taken as a secondary opinion and that they are fallible. They remind viewers not to consider them infallible and to use the information provided as part of their decision-making process regarding market conditions.

What is the speaker's advice for traders regarding the potential for lower Bitcoin prices?

The speaker advises traders to consider the potential for lower prices as an opportunity to average down their cost basis, suggesting that it could be a chance to acquire Bitcoin at a cheaper price.