Bitcoin Trading Alert
I should have gotten this out earlier but I was too busy with life and shoring up my portfolio. On September 5, 2018, I noticed a large drop in Bitcoin that I anticipated in an earlier blog post. In my earlier blog post, I mentioned that Bitcoin's rally is suspect and weak. A weak rally usually ends up rallying in the opposite direction.
Right now, it appears that Bitcoin is going to test the $6,000 per unit level AGAIN! This makes it the fifth time that this support level will be tested. In my trading portfolio, I have 90% in cash with some "exotic" coin investments out there. But right now, when it comes to managing my own cryptocurrency portfolio, is NOT the time to add to your bitcoin positions as support can be broken.
Stronger they are the harder they fall
You know how the saying goes, "The bigger they are the harder they fall." We know that Bitcoin is a large cryptocurrency with a lot of respect. But we are not talking about how big Bitcoin is.
We are talking about the support level at around $6,000. This support level must hold or we could be in for a larger downdraft taking us to $5,000 per unit. This could get dangerous. So hope and hope again that the support level at $6,000 holds. If you are a bargain hunter that $6,000 level could be your buy point if the coin holds.
So in another words, "The stronger the support level is, the harder fall-through." This could be the saying if the $6,000 level does not hold. This has been a strong point for the last eight months. Keep your fingers crossed.
Steemit Needs to be first to know
I am going to make it a habit that any trading alerts will go on Steemit first before going anywhere else. This time I got sidetracked by getting personal things done but did not think about posting it on Steemit. But in the future, I will make a strong effort to get my thoughts on the cryptocurrency and stock market out on Steemit pronto!
I want you to comment below and give me your thoughts. I will answer any questions that you may have about the state of the cryptocurrency markets.
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