With the daily RSI over 80 and the weekly over 70, it feels safe to take profits and hopefully re-enter lower. I have done this twice already around the 30k level.
I didn't expect the price to go as high as 36k, as I sold about 80% of my bag with an average sell price of 32.5k. However, I think it's very likely we'll see at least 30k again.
If price continues higher, I'll likely sell out of my position around 37.5k and open a small short position.
Patience pays.
I didn't expect the price to go as high as 36k, as I sold about 80% of my bag with an average sell price of 32.5k. However, I think it's very likely we'll see at least 30k again.
If price continues higher, I'll likely sell out of my position around 37.5k and open a small short position.
Patience pays.
Note
We wicked below support last night. Good sign for the bear case.Note
We've now broken through support hitting 34.8k. I expect to see a much bigger 5-10% drop in the coming days. The big question is if 29-32k region will be the final support till the next move higher, or if another leg down is in the cards.
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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.