1. BTC up 26% in 8 days, which is followed by a 21 day 5% range consolidation. It is reasonable to take some time to digest the selling power after the radical rally.
2. Moreover, 30000-32000 serves as a key resistance level. A lot of transaction happens at this range last May-June during the LUNA crash, which means meaningful weak hand losers finally break even and exit positions, bringing in short term selling pressure.
3. 5% consolidation range sounds healthy to me and I would accumulate 10% long position at the lower bound of the range.
4. Macro and policy tailwind still there. Having said that, one thing makes me a bit worried is that market doesn't play out with the positive news. So if price break down the range with a minor -ve news, I would be more cautious. That's why I only place a 10% position here.
5. Two scenario in forecast:
a) price finally break up the range finally and reach 35000, then I pull back is likely (with MACD divergence). So I would trim down my position to lock in some profit
b) if price break down 30000 range, then 27000-28000 would be a range to accumulate 20-30% position.
6. Action plan: place a limited long order at 30300 with 10% long position
2. Moreover, 30000-32000 serves as a key resistance level. A lot of transaction happens at this range last May-June during the LUNA crash, which means meaningful weak hand losers finally break even and exit positions, bringing in short term selling pressure.
3. 5% consolidation range sounds healthy to me and I would accumulate 10% long position at the lower bound of the range.
4. Macro and policy tailwind still there. Having said that, one thing makes me a bit worried is that market doesn't play out with the positive news. So if price break down the range with a minor -ve news, I would be more cautious. That's why I only place a 10% position here.
5. Two scenario in forecast:
a) price finally break up the range finally and reach 35000, then I pull back is likely (with MACD divergence). So I would trim down my position to lock in some profit
b) if price break down 30000 range, then 27000-28000 would be a range to accumulate 20-30% position.
6. Action plan: place a limited long order at 30300 with 10% long position
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.