Short

Bitcoin - Cycle repeats

Updated

Bitcoin needs to settle down for the next rally as it fails to achieve any big major adoption and the messy problems with its blockchain. The rally recently is in hope of the BIP91 can solve the problem. Even with BIP91 lock in, bitcoin, in this state, still far from adoption. The fact that btc has been gaining some media attention creates a best exit for whales. Money now is still on the sidelines and the rally recently will keep new investors away for some time until next major development or adoption. In TA, the cycle repeats. It's best to take some profits while you can, or limit your loss until the next signal of the new cycle shows.

This is my personal view only, so trade with your risk tolerance and good management.

Note

Pays attention to 2700s level, I wold manually close my trade if it enter this zone.

Trade closed: stop reached

2800 stop reached. I don't think this can make new high, as I believe market still heads for down trend in this period of time. As for now, small profit before the next signal. If this wave highest lower than the previous ATH, it will heads down for wave C.

spmbm749

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