BTC/USD - Chop chop chop chop chop
Updated
Key support and resistance levels for BTC at present.
It's pretty simple as I see it.
ARGUMENT
Above 11.3k you can visit 'Topsville' and stay for about a week before being politely kicked out.
If we break 9.4k then you can take the elevator down to 8k (before a relief rally).
OPPORTUNITY
Honestly I sort of think that the support levels near the 9.4k area WILL be revisited at some point... that would be a nice place to put in a short or a long depending on your outlook.
A short at 9.5k would be delicious and likely profitable.
INVALIDATION
It would need to build some meaningful support at 10.8k. If it bounced hard at 9.4k perhaps that would also invalidate.. although every time this shite touches a support it becomes *weaker* not *stronger* ;)
It's pretty simple as I see it.
ARGUMENT
Above 11.3k you can visit 'Topsville' and stay for about a week before being politely kicked out.
If we break 9.4k then you can take the elevator down to 8k (before a relief rally).
OPPORTUNITY
Honestly I sort of think that the support levels near the 9.4k area WILL be revisited at some point... that would be a nice place to put in a short or a long depending on your outlook.
A short at 9.5k would be delicious and likely profitable.
INVALIDATION
It would need to build some meaningful support at 10.8k. If it bounced hard at 9.4k perhaps that would also invalidate.. although every time this shite touches a support it becomes *weaker* not *stronger* ;)
Note
So far this chart is holding up well. BTC continues to search for a direction.Note
Long from 11117. Short from 10698. I am staying out of this as I don't like choppy trendless markets.Note
10698 was as anticipated the *perfect* spot to place a short.Note
This looks like a fucking Forex chart. Untradeable at present
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