Bitcoin (BTC) Likely move past 7200 but the top is approaching.
Updated
Bulls are strong and have managed to push price past 7100 convincingly and are currently looking to break 7200. If that happens we can expect another rally upwards.
Therefore, if you bought near 6800 during my last call, you may take profit above 7200. Once we break the level there will be massive buying from retail.
I believe another rally up will occur.
Therefore,
Hold your 6800 longs and wait.
You should be scaling in your short entries now. Start with small entries and work your way up. You should be 50% in when we hit 7500. If price reverses, you may use more leverage an add more shorts. For alts you may expect a 30% profit. Keep your stop loss manual. If we break 7850-7900 convincingly that is a bad sign for bears and may suggest a bullish reversal. That is almost certainly not going to happen but we will be prepared.
It is obvious the RSI will print a bearish divergence when we get a higher high, similar to previous tops. I believe the funding indicator by m59 will also give us the hint. I am hoping people will become very bullish and buy, exhausting bullish pressure and allowing us the best entries.
Therefore, if you bought near 6800 during my last call, you may take profit above 7200. Once we break the level there will be massive buying from retail.
I believe another rally up will occur.
Therefore,
Hold your 6800 longs and wait.
You should be scaling in your short entries now. Start with small entries and work your way up. You should be 50% in when we hit 7500. If price reverses, you may use more leverage an add more shorts. For alts you may expect a 30% profit. Keep your stop loss manual. If we break 7850-7900 convincingly that is a bad sign for bears and may suggest a bullish reversal. That is almost certainly not going to happen but we will be prepared.
It is obvious the RSI will print a bearish divergence when we get a higher high, similar to previous tops. I believe the funding indicator by m59 will also give us the hint. I am hoping people will become very bullish and buy, exhausting bullish pressure and allowing us the best entries.
Note
if you want to enter now, wait for break of the whiteline then move back into the trading range, ideally with a wick. That will be a nice confirmation.
Note
There are large buy walls starting from 6900 in 100 dollar increments all the way down to 6200.Note
New buy zone will be below white line if we wick below and quickly move back into range.
Note
You should have entered near 7180 if you followed the comments aboveNote
You may have exited at a good price. If you entered 7180. Now it is time to short. Three point reversal.
Many bulls now. There was a massive spike in shorts on Finex. I will trade with the whale.
Note
If we don't get a move up soon most likely will hit near 7100.Note
Looks like we will go past 7300.
Note
Rising support with rapid touches of resistance means resistance will not hold. Am not liking the volume spike at the top but am aware it could be wash trading so may invalidate this.Note
Large buy mid 7050 level.
Note
My long is doing well. What worries me is the high tails and the forced demand here.
Note
Related publications
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.