BTC: Rinsed out in the range
Updated
I don't like shorting bitcoin, because y'know, you get short, then it rallies $1,000 in one 15-minute candle. Kinda scary ...
However, we have a potential setup to short or exit longs and rebuy lower, IF, btc follows this fractal taken from March.
What's in favour of the fractal playing out?
It remains a traders market. No clear trends. Quick in & out and ensure that risk is managed is the right way to play it.
However, we have a potential setup to short or exit longs and rebuy lower, IF, btc follows this fractal taken from March.
What's in favour of the fractal playing out?
- Still a lot of bulls, longs are high and max pain would be to the downside
- Still a lot of bears, whipsaw up to 9k would take a lot of those guys out too
- Resistance at 9k (the 9-10k range was a wide distribution area)
- Support at 7k. (The 6.5k - 7k range was a wide accumulation area)
It remains a traders market. No clear trends. Quick in & out and ensure that risk is managed is the right way to play it.
Note
Edit: MA positions are bearish. Downtrending MAs suggest continuation down. Volatility also hots up as price declines so it gets harder to trade unless you ninja on the stops and limitsNote
Zoom in ... What did I say about not shorting bitcoin? ... ;) Note
Here's that fractal close up. Did any of you expect BTC would rally to 9k almost? Now if it dumps are you expecting that? Both are possible ...
Note
I took profit here. Awaiting next move
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