Sellers losing control and AVWAP since COVID lows
BTCUSD My style is minimalistic and over the years I´ve cleaned up my chart progressively. My most important indicator is PRICE action, I ask myself WHO IS IN CONTROL BUYERS OR SELLERS? I look for evidence before pulling the trigger, support and resistance are confirmed only after the fact. I use VWAPS from relevant days in the market swing highs and swing lows are relevant.
Based on those principles I see sellers are losing control in BTC right at 40K ish and on COVID lows AVWAP, if demand doesn´t step up with conviction and sellers counter-attack BTC may lose 40K and mid 30K will be next target.
Based on this hypothesis I´m taking some longs with half my usual risk in MATIC, ALGO and LINK. I´m a swing trader and I always use stops, risk MGMT is priority # 1 for me. If I see weakness in the next coming days I will hedge with some ETHDOWN.
Good luck to everyone.
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