BTC Long, Market Shift? Volatility expected
Updated
Minor update to the previous idea.
BlackRock BTC Trust could change things, makes me wonder if they change their mind on whether it's ESG compliant.
This trade is more of a double-edged sword that is more profitable in longing for volatility rather than direction considering market forces at the moment. Expect at least a +- 20% price swing. Either we break through the first resistance band of 27k-32k and continue forward with a close above 26k today, or we drop to close the previous gap from 21.8k -20.8k with a close never reaching over 27.4k.
For now, we are at risk of seeing 20k considering current prices are under 27.4k and the sp500 being this overbought in the short term that could drag btc with it if a bull trap is in place in tradFi (not confirmed yet, mean rev. signals won't work). Overall, I'm bullish on BTC short term (possible that it could make a run up before sp500 contracts), and still remain bearish on SP500 long term (might switch to neutral if the west releases dependence on its manufacturing base toward China/the east, and innovation continues in the tech sector). Altcoins might not be able to catch up with BTC on the upswing, but most likely on the downswing if it so happens.
Trades:
Long #1
Entry: 26k
SL: 24k
TP: 34.5k, 40k
Long #2
Entry:20k
SL:18k
TP: 34k, 40k
Short
Entry: 26k
SL: 29k
TP:22k, 21k, 19k
BlackRock BTC Trust could change things, makes me wonder if they change their mind on whether it's ESG compliant.
This trade is more of a double-edged sword that is more profitable in longing for volatility rather than direction considering market forces at the moment. Expect at least a +- 20% price swing. Either we break through the first resistance band of 27k-32k and continue forward with a close above 26k today, or we drop to close the previous gap from 21.8k -20.8k with a close never reaching over 27.4k.
For now, we are at risk of seeing 20k considering current prices are under 27.4k and the sp500 being this overbought in the short term that could drag btc with it if a bull trap is in place in tradFi (not confirmed yet, mean rev. signals won't work). Overall, I'm bullish on BTC short term (possible that it could make a run up before sp500 contracts), and still remain bearish on SP500 long term (might switch to neutral if the west releases dependence on its manufacturing base toward China/the east, and innovation continues in the tech sector). Altcoins might not be able to catch up with BTC on the upswing, but most likely on the downswing if it so happens.
Trades:
Long #1
Entry: 26k
SL: 24k
TP: 34.5k, 40k
Long #2
Entry:20k
SL:18k
TP: 34k, 40k
Short
Entry: 26k
SL: 29k
TP:22k, 21k, 19k
Note
If I were George Soros, I'd dump the market to 20k as the market has its eyes set on 24k and bullish expectations at current prices. Such an opportunity awaits if taken advantage of.
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