BTC Update! Bounce playing out... will bears step in?
Quick update for what I am looking for here. As stated last night when we were sitting around 10k, I was seeking to start refilling positions from when I was stopped out at about 11k average. I have re-filled about 60% of my position in low 10k area and am now playing in my opinion a probabilities game. I am seeking a lower high on daily and feel pretty confident we will get one. This is where I try and put on my "bearish glasses" and say where would I seek to be shorting and based on a Fib from our current low up towards our most recent lower high ($11,950), I'd be shorting somewhere within this box ($10,650-$11,150) and seeking a lower high in that range. This is fine for both bulls and bears in my opinion. I will then look with "bullish glasses" and say bulls need to defend our recent low of $9,857 with a higher low to start shifting the trend and then aim for a higher high. So I'll seek to refill remainder if we set a lower high and as we pull back, would look to add to my position and help the bulls defend the low. This allows for a low risk trade entry as just under $9857 can serve a stop loss for my low 10k entries and any additional entries I make on a pullback if bulls see a lower high here somewhere within the purple box ideally. Arrows drawn out as rough setup I would ideally like to see play out.
Just My 2 Sats!
Just My 2 Sats!
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