BTCUSD: Attempt to go up
Scaling in long to BTC. Average long entry is 6250 after shorting from 6700-6300 or so.
Reasons to be bullish:
- Now 4-hr, 1hr bull divergence
- Decent level of dumpage after irrational bullishness at 6800
- Approaching demand zone of 6k or below
What BTC could do:
- Rally back up to 6800. Inverse Head & shoulders. 7.8k incoming!
- Fail to rally back up, consolidate here, break the lower trendline, go lower... 5.5k
Both are possible, so we must be agile to react to the market. If you sense dump, you hedge (short) or you get out of longs and buy lower.
Reasons to be bullish:
- Now 4-hr, 1hr bull divergence
- Decent level of dumpage after irrational bullishness at 6800
- Approaching demand zone of 6k or below
What BTC could do:
- Rally back up to 6800. Inverse Head & shoulders. 7.8k incoming!
- Fail to rally back up, consolidate here, break the lower trendline, go lower... 5.5k
Both are possible, so we must be agile to react to the market. If you sense dump, you hedge (short) or you get out of longs and buy lower.
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