Average Bitcoin Guy
Sep 8, 2018 · 2 min read

Bitcoin’s Bearish Market Continues

Bitcoin had a jump this week to $7,400 followed by an extreme $1,200 drop. We currently sit at $6,450 with no sign of this trend ending anytime soon. Our monthly chart is still reeling from the crazy bull run of 2017. Here’s a look at that chart:

We were a few hundred dollars away from having an R7 on the monthly chart for September. Just one monthly candle in July made the difference. In situations like this many traders will treat that candle in July as a red candle and continue the pattern. I will continue to be cautious and see how the chart develops.

A lot of people lost money on this recent sudden move to the downside. This is why it’s so important to have stop losses in place. Mine hit at $7,075 and I’ve been riding this lower ever since. My current upside stop loss is set at $6,615. Here’s that recent move lower on the daily chart:

ABS folks! Always. Be. Stopping. Whether it’s driving down the road or trading crypto, defense wins championships. You don’t have to be right all the time, just recognize when you’re wrong, leave your ego at the door, and always be stopping.

Good luck trading guys!

-ABG

BTC Price: $6,444