BTC - Short to 7800
Last week, BTC produced a monster breakout pushing the price back into it's longer term triangle that it broke down from in March. However, BTC was rejected from breaking out of that triangle as it has been many times in the past.
I think the upwards price action is slightly exhausted right now and needs to recharge.
If BTC breaks below 8450, expect a deep red candle most likely fueled by fear of retail investors. The most obvious place for support is the area from 7500 - 7800. This area shows volume support as well as previous support/resistance.
I am mostly long right now, as I was lucky enough to buy in much lower. However, I did open a small short at 8900 and will look to load back up around 7800. S/L set at 9550.
I think the upwards price action is slightly exhausted right now and needs to recharge.
If BTC breaks below 8450, expect a deep red candle most likely fueled by fear of retail investors. The most obvious place for support is the area from 7500 - 7800. This area shows volume support as well as previous support/resistance.
I am mostly long right now, as I was lucky enough to buy in much lower. However, I did open a small short at 8900 and will look to load back up around 7800. S/L set at 9550.
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