Bitcoin / TetherUSUpdated BTC major resistance in symmetric consolidation
BTC has dropped and re-entered a symmetric consolidation area. Next targets for me are 68k or 62500ish.
When consolidation breaks, I expect either 73k or else 56500 areas to be tested.
On fundamentals, german supply is done selling.
Mt Gox and US Silkroad supply are still there so I would have been favouring the downside.
Except republicans look like they'll win, and so I'm guessing that's very bad for the dollar and good for every asset on earth. I would tend to want to play short retracement to 62.5k and then upside to 73k.
I market the most likely levels in my eye as "1" "2" and "3" but there may be not much retrracement just based on the macro.
When consolidation breaks, I expect either 73k or else 56500 areas to be tested.
On fundamentals, german supply is done selling.
Mt Gox and US Silkroad supply are still there so I would have been favouring the downside.
Except republicans look like they'll win, and so I'm guessing that's very bad for the dollar and good for every asset on earth. I would tend to want to play short retracement to 62.5k and then upside to 73k.
I market the most likely levels in my eye as "1" "2" and "3" but there may be not much retrracement just based on the macro.
Note
I took a short last night, closed it at VWAP. Unsure where we'll go next.
Short entry: 65540.24
Exit: 63946.54
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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.