Bitcoin: April 12th, 2024
Hi. Hope you're doing ok.
I guess the majority consensus is that we are bullish. This is a trade idea and those with a hodler mindset might not see much merit in this, which is totally understandable.
Those who want to trade might be in a long from lower. I punted a long at 66300 and closed at 72K because of some longs that aped in right at the top. It is worth noting during this crab-like PA, there has been relentless limit selling, but we have been ranging despite that, aka bullish absorption. So I expect higher prices from an orderflow perspective. Also, price has been printing higher lows at major local areas. You can see where I will enter a long, i.e. the blue line. In case we fail to move higher, and we get a revisit of the blue rectangle I will gladly punt a heavy long as it will be a high-conviction play for me. It is worth noting that in case we drop to the blue rectangle, the bullish thesis is not invalidated.
I guess the majority consensus is that we are bullish. This is a trade idea and those with a hodler mindset might not see much merit in this, which is totally understandable.
Those who want to trade might be in a long from lower. I punted a long at 66300 and closed at 72K because of some longs that aped in right at the top. It is worth noting during this crab-like PA, there has been relentless limit selling, but we have been ranging despite that, aka bullish absorption. So I expect higher prices from an orderflow perspective. Also, price has been printing higher lows at major local areas. You can see where I will enter a long, i.e. the blue line. In case we fail to move higher, and we get a revisit of the blue rectangle I will gladly punt a heavy long as it will be a high-conviction play for me. It is worth noting that in case we drop to the blue rectangle, the bullish thesis is not invalidated.
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