Blockman Capital Bitcoin review clients 041019

Welcome to Blockman Capital Analysis.
Today we’re returning to Bitcoin on behalf of our clients, as you would expect, a coin that we have reviewed a number of times of the past
couple of weeks as it broke out of the pendant formation that we’d identified and a nice slide to the downside back on the 24th of
September. Again, as we were expecting afterwards, we thought there could be some continued downward momentum on the back of the drop, and
we’ve seen that here.
So a gradual sliding away of the price.
Now, a couple of points to to note here.
Firstly, there is a key level of support at $8000 on the Bitcoin price.
And we can see here it’s attempted this a number of times.
So here it’s attempted it here, here, here.
And each time it’s bounced back off.
A bit of a definitive break back on the 30th September.
But a quick recovery back up above.
Now, what does this mean? It means that 8000 is a defined support level.
There could very well be a decent bounce off the back of it and a return to recovery phase, in which case a price might get back up and
start retesting $10000.
However, equally likely at this stage is that the eight thousand dollar line is breached and we could see a further slide away over the
coming few days.
Now what we have here is a line that indicates where we have trailed the stop losses on our open short positions in bitcoin.
Similar situation across some of the other coins, but we’ve been referring to bitcoin a number of times.
So this is where we are.
We have our stop losses in place at around about the eight thousand nine hundred dollars level.
The reason being it’s outside of the intraday noise.
It keeps us in the trade and allows us to capitalise if the price keeps sliding away.
However, if we see a sharp recovery, which could easily happen off the 8000 support line, we’ve protected our profits as the prices slid
away. So again, as you’d expect, we’re continually watching the market on your behalf as soon as we have a further update, and if we do see
a continuance of this, we will obviously be trailing the stop down.
So if it does breach the eight thousand dollar mark, we will trail this stop down on behalf of our clients.
But for now, we’ve got it set here around about the eight thousand nine hundred level.
And we’re happy with that level right here, right now.
If that changes, will provide a further update.
Thanks very much.

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