Short Term BTC Ideas
Just some thoughts. There is a lot of confluence showing the 52000 level as being
a significant resistance in the short and/or medium term.
It is a point where 2 major fib levels meet, as well as historically significant
resistance levels. I will be looking to take profits there on some current positions
and potentially buy back in on a pullback, if one takes place.
If BTC eventually gets past this level and the resistance turns into support,
this would be extremely bullish in my opinion.
At the moment there is a ton of upward momentum, presumably from people
who missed buying the bottom because BTC did not go as low as many
expected. So they are FOMO buying in now, and long funding rates on Binance
are back to being high.
This is a sign that caution should be exercised here if long, however there are many
charts that look super bullish right now. So I will be adding some of my USDT
into positions if a pullback from 52,000 occurs.
a significant resistance in the short and/or medium term.
It is a point where 2 major fib levels meet, as well as historically significant
resistance levels. I will be looking to take profits there on some current positions
and potentially buy back in on a pullback, if one takes place.
If BTC eventually gets past this level and the resistance turns into support,
this would be extremely bullish in my opinion.
At the moment there is a ton of upward momentum, presumably from people
who missed buying the bottom because BTC did not go as low as many
expected. So they are FOMO buying in now, and long funding rates on Binance
are back to being high.
This is a sign that caution should be exercised here if long, however there are many
charts that look super bullish right now. So I will be adding some of my USDT
into positions if a pullback from 52,000 occurs.
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.