BTC - Rejection at 62k - Q's on the move.
The 62k level was an important level from a auction perspective. As mentioned prior this is the key level for bulls and it was rejected quicker than Biden at a scrable contest.
However lets not get too emotional here. Bears need to see the 57k level taken out and we are still a little away from doing that.
Take a look at the daily:
Notice how quickly the market is buying up any push under 57k. It does not stay down there long it is quickly rejected.
Had a nice recovery a week or so ago where we went from 55k open to nearly 63k in a day. Could be some short covering, but I believe there is a mix of buyers there also.
No reason to get squimish here, the market is still pessimistic and large drawdowns do not generally happen when the market is pessimistic.
Though there could be a push to retest the 54-56k area, I am of the opine that this is an area I want to add to my position, not sell out.
With that said, there is not really much to do here unless we get another setup in the near term. Maybe a pinbar here would be reason enough to get some trade action for a move higher.
QQQ:
My position is the same here, nothing changed. Looking for longs to 480. Now I have been trading some short term daily ATM calls during the day based on this, but overall still liking long stocks.
Though I believe the market may take another leg lower or at least try and retest the lows at this point, there is no reason not to simply go with the flow here.
Hopefully you all have a good day of trading!!!
However lets not get too emotional here. Bears need to see the 57k level taken out and we are still a little away from doing that.
Take a look at the daily:
Notice how quickly the market is buying up any push under 57k. It does not stay down there long it is quickly rejected.
Had a nice recovery a week or so ago where we went from 55k open to nearly 63k in a day. Could be some short covering, but I believe there is a mix of buyers there also.
No reason to get squimish here, the market is still pessimistic and large drawdowns do not generally happen when the market is pessimistic.
Though there could be a push to retest the 54-56k area, I am of the opine that this is an area I want to add to my position, not sell out.
With that said, there is not really much to do here unless we get another setup in the near term. Maybe a pinbar here would be reason enough to get some trade action for a move higher.
QQQ:
My position is the same here, nothing changed. Looking for longs to 480. Now I have been trading some short term daily ATM calls during the day based on this, but overall still liking long stocks.
Though I believe the market may take another leg lower or at least try and retest the lows at this point, there is no reason not to simply go with the flow here.
Hopefully you all have a good day of trading!!!
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