BitcoinShort
BTC: Look for wedge breakout near end of Q2 to start bull run.
Updated
Bitcoin remains in the downward trend started late 2019. The current rally doesn't appear to be building the momentum needed to carry it outside of the channel.
Recommendation: enter into short OR scale out of longs through 7000-7500 levels. If short, set stop loss at 8200. Take-profit at 5000-3500 levels.
From a fundamental perspective, COVID-19 infection rates in the US are starting to peak. The coastal cities are likely to start opening up near the beginning of May, and the central cities are likely to peak and then open up a few weeks later. The massive Fed stimulus will finally start to get spent and should spark a moderate rise in sustained inflation. This would strengthen Bitcoin's "hard money" narrative, setting it up for the next cycle rally.
Recommendation: enter into short OR scale out of longs through 7000-7500 levels. If short, set stop loss at 8200. Take-profit at 5000-3500 levels.
From a fundamental perspective, COVID-19 infection rates in the US are starting to peak. The coastal cities are likely to start opening up near the beginning of May, and the central cities are likely to peak and then open up a few weeks later. The massive Fed stimulus will finally start to get spent and should spark a moderate rise in sustained inflation. This would strengthen Bitcoin's "hard money" narrative, setting it up for the next cycle rally.
Trade active
We saw a rejection at the short-term resistance line. Shorted 1x at 7200. Stop lowered to 7750 (leaving a small amount of buffer outside the trend channel.) Will continue to lower stops as the upper bound of trend channel moves down.Trade active
Lowered stop to 7100. At this point, the BTC price shouldn't come so far above our trendline without invalidating the trend structure. Now we can at least guarantee profits on this trade.
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