Protection against a Bitcoin bottom or riding the capitulation
Updated
I strongly believe we are in the topping process of this Bitcoin move. If Bitcoin has bottomed I expect to either: retest the weekly 21EMA (currently at 19900 or 20300 when we get to it) or retest the 17800-18100 zone.
I am still expecting capitulation which could bring us to 14k and give us a rebound as a corrective move only to fall lower into the 8k target zone for when recession kicks in late 2023/ early 2024
My process is to play both sides and build shorts from 23400-26200
TP33% of Short and Hedge Long#1 at 21 weekly ema
TP50% of remaining Short and Hedge Long#2 at 17900
TP100% of remaining short at 14500
$14500 - $7300: DCA buying opportunity of a lifetime (no leverage)
Stop losses:
Short: 26600
Long: 16900
I am still expecting capitulation which could bring us to 14k and give us a rebound as a corrective move only to fall lower into the 8k target zone for when recession kicks in late 2023/ early 2024
My process is to play both sides and build shorts from 23400-26200
TP33% of Short and Hedge Long#1 at 21 weekly ema
TP50% of remaining Short and Hedge Long#2 at 17900
TP100% of remaining short at 14500
$14500 - $7300: DCA buying opportunity of a lifetime (no leverage)
Stop losses:
Short: 26600
Long: 16900
Note
market being very kind and gave me average short entry of $24100 with 60% of my fills. 21.3k is the 21 weekly ema right now, so looking for a nice TP of 50% & hedge long fills in the $21900-$20600 zone.If that all plays out, I'll get a good few weeks or even couple months of peace until we enter the sub 17k area :D
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