Hello to all ProfitFarmers! We hope you had a good weekend. It turned out to be an interesting set of results overall.
We’ve closed all open positions as there is new pain coming into the space in the form of Celsius pausing withdrawals and transfers. This news promoted an instant drop across the board with Ethereum breaking below $1400 and Bitcoin gave up the $27,000 range.
At ProfitFarmers we keep it real with our crypto market analysis. Without showing just rosy pictures we warned you on time, every single time, when we spotted weakness in markets:
“We still expect one more dumping round before a final bottom can be established so no long term alt position is recommended for secondary alts.” – PF Trade Team June 8th
In our last market update (find a copy here or simply navigate to market updates inside your trading dashboard) we pointed out the overall bearishness of the market and if you have been following along you know that we are still expecting a dump down the Weekly Supertrend 6.5 at least before a true bottom is found.
If you were paying attention to all of our market updates then you knew on June 7th Daily close that the market was likely to dip again:
“Watch Tuesday’s close. If we Close on positive territory this will be neutral to bullish and we can still hope for an eventual range breakout. Closing a red candle means we are [almost] definitely going down!” – PF Trade Team June 7th
Magic Entries, Blockbuster Trades and Some Small Losses
We took a stab at some long scalps yesterday but ultimately saw the need to close most early. Minor losses are a pain but all part of the long term game plan.
Despite the overall bearishness we did take a shot at a Bitcoin and Ethereum position with tight stop loss around Ethereum’s previous All Time High support zone. It almost worked until the Celsius announcement suspending withdrawals.
In terms of bad luck, we entered QIUSDT earlier today and that guy got stuck in the Celsius FUD and stopped out only to recover and pump back up again.
Keep an eye on QIUSDT. The levels look too juicy!
Despite the weekend carnage, we did once again, manage to pick up a magical entry on FLMUSDT.
A blockbuster +175% for a day's trading!
Sounds like magic to us 🙂 This is why a PRO account is a no-brainer even during choppy bearish markets. Our trade team is always picking out something special.
BLZ has been on our magic entry watchlist too but closed early after the Celsius announcement. We are still bullish and expect a minimum 50% move from current levels (wait for confirmation).
FLM may also trigger again on some of our other signal strategies and is worth playing if it comes up.
Overall, we like what we see now and we may take our chances for both Bitcoin and Ethereum with a tight stop loss. Remember we aren’t ‘bullish bullish’ but we may just want to play a relief bounce in the current area.
More on that next…
From the Perspective of Technical Analysis, the Market is Overdue for a Bounce
Technicals are screaming for a big bounce but fundamentally speaking there is a lot of fluff and snuff out there. The market will pump hard on the slightest hint of positive news at this stage.
However when we say pump hard, it doesn’t mean bitcoin will break $70,000 and make new highs. Pump hard merely means Bitcoin will provide a relief rally that may extend beyond the recent highs of $32,000.
So while technically we continue to remain oversold across the board a steep & sharp short squeeze rally is not ruled out. Such short squeeze rallies generally stop around the daily 50-100 EMA areas for most Majors.
For TA lovers, most majors first need to breach the daily bollinger MID band, before moving towards higher resistance.
We’ve already noted some of the other coins we are interested in above.
Scary is Good, Big Opportunities are Close
We are inching closer to our expected bottom around $20,000 (no need to knife catch, we wait for the price action around the level and then make a move) but in the meantime we are still missing a fairly decent bounce to throw more confusion upon the market sheep.
The weekly 200MA though may give us a little delay again in the 24k region. If the market stabilizes we will be back in to scalp some more wins as we’ve already discussed above.
Something to hold in your mind is that the more scary things begin to sound, and the more you start to actually believe the “crypto is going to go to 0” chatter, the closer we actually are to finding a huge reversal zone.
The ‘Bear market’ related headlines are reaching very high levels of coordination across platforms. Again this typically means a reversal is near as they are pushing peak fear. This is simply the reverse of the blow off top hysteria news you see at bull tops.
Remember Crypto markets move like clockwork!
Most alts have been crippled already, we’re just missing some capitulation price action in some areas.
Stay the course!
Absolutely massive opportunities are always just around the corner in conditions like these. Trust us, we’ve been here many times before.
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