≈ When shorts get squeezed≈

Traders,

The massive unwind in cryptocurrency has caught the world’s attention. I’m seeing headlines everywhere about just how severe the decline has become. For its part, Bitcoin has now fallen 56% from its peak.

Of course, dramatic downturns is hardly new. Bitcoin and friends have suffered countless corrections along the way. Many have been far worse than -56%.

Tuesday’s reversal candle may be spelling a short-term bottom. I’m calling it a bear trap or false support break. Cracking $30k was psychologically important and should have resulted in a wave of selling – but it didn’t. Instead, buyers swarmed to stave off what should have been a plunge.

And now, with prices up another 7% this morning, it’s official. Any shorts who pounced yesterday are officially trapped. This could turn into a case of a failed move resulting in a fast move in the opposite direction. We still need some time, but so far I’m liking bitcoin’s bottoming attempt.

#TeamTackle

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Chart of the Day

Bitcoin’s Bear Trap

One area of the market that the Cash Flow Vikings will be discuss on a daily basis is Bitcoin. Bitcoin is something I truly believe in and think that there are amazing opportunities constantly on Bitcoin related trading instruments. Currently Bitcoin is fighting the upper end of the range and still could take some time before a quality entry signal emerges. I personally would love another test of that support level around 30,000 and a nice subsequent entry signal off of support.

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Video of the day

The Queens Court

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In this week’s edition of the Queens Court, the coaches bring separate trading picks for Coach Emily to review including SunRun, Microsoft and Juniper. Will she accept the trade ideas or will she lop off the coaches heads?

Traders Lounge 11 AM EST

Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.

Trading Lounge at Night 8:30 PM EST

Join Greg Holmes tonight as he hosts the second of our Trading Lounges today.

Halftime Report 12:30 PM EST

The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.

Trade Masters 7:00 pm EST

Join us for a special webinar with the coaches where they’ll analyze some trade setups.

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