BTCUSD Perspective And Levels: Up, Up And 12.5K. Going Higher?
BTCUSD update: 12K reached as this market is pushing highs as I write. The reversal zone boundary at the 12100 area has also been compromised which is a sign that strength is likely to persist for now.
Sure this is historical and will continue to attract more and more attention, which feeds these markets even more (positive feedback loop: google it). The only thing I can do as this market offers little opportunity for me right now is continue to measure and evaluate supports while observing price action. Little opportunity? It's going straight up!
As I have explained many times, I do not buy highs. I follow my plan, not my fear because opportunity is an unlimited resource. I am curious to see how the futures affect the price action in a few days and would actually prefer to trade the futures instead because of the security and flexibility that the new contracts will offer, especially for shorter time frame strategies which is my specialty.
In terms of levels at the moment, price is sitting on the 1.618 extension projected from the 8821 low. The next reasonable target is the 13237 level (1.0 projected from 8821) and then the 14700 which is the 1.618 extension projected from 8821 as well. The nearest support is the 11050 level which is the .382 of the recent bullish swing at the moment. As price continues higher, this level will continue to adjust higher as well.
These levels serve as points of reference to keep expectations somewhat in line and offer short term targets. IF price breaks below the 11050 level, I will be anticipating further selling because the level is so shallow relative to the recent structure. Until something like that happens, there are NO reasons to sell or get short at the moment. It's funny because I read an article from a well known financial publication that actually mentioned the built in inconvenience to short these markets that the futures will address.
In summary, times like this can easily get the best of your emotions and blind you to the amount of risk that is present at the moment. I believe the futures will bring more balance to this market, not drive it to 30K anytime soon. I do not fight markets, I just read the signs and adjust to what the market presents and will participate as long as it is within the boundaries of MY plan. If the market is not in line with my plan, it doesn't matter how high or low it goes, I will avoid it all together. Most importantly if you had the courage to get in recently, just make sure you have a well defined plan that will guide your decisions when this market turns because when it happens, it will be fast. Depending on others opinions to base your decisions on is a really bad idea. The type of market that we are in at the moment is rare, and can persist long enough to make the world believe that "it's different this time". This is why I day trade (other markets) because it doesn't matter what the market does, you simply adjust and trade.
Comments and questions welcome. (Thank you everyone for the feedback from my previous report. It was very helpful).
Sure this is historical and will continue to attract more and more attention, which feeds these markets even more (positive feedback loop: google it). The only thing I can do as this market offers little opportunity for me right now is continue to measure and evaluate supports while observing price action. Little opportunity? It's going straight up!
As I have explained many times, I do not buy highs. I follow my plan, not my fear because opportunity is an unlimited resource. I am curious to see how the futures affect the price action in a few days and would actually prefer to trade the futures instead because of the security and flexibility that the new contracts will offer, especially for shorter time frame strategies which is my specialty.
In terms of levels at the moment, price is sitting on the 1.618 extension projected from the 8821 low. The next reasonable target is the 13237 level (1.0 projected from 8821) and then the 14700 which is the 1.618 extension projected from 8821 as well. The nearest support is the 11050 level which is the .382 of the recent bullish swing at the moment. As price continues higher, this level will continue to adjust higher as well.
These levels serve as points of reference to keep expectations somewhat in line and offer short term targets. IF price breaks below the 11050 level, I will be anticipating further selling because the level is so shallow relative to the recent structure. Until something like that happens, there are NO reasons to sell or get short at the moment. It's funny because I read an article from a well known financial publication that actually mentioned the built in inconvenience to short these markets that the futures will address.
In summary, times like this can easily get the best of your emotions and blind you to the amount of risk that is present at the moment. I believe the futures will bring more balance to this market, not drive it to 30K anytime soon. I do not fight markets, I just read the signs and adjust to what the market presents and will participate as long as it is within the boundaries of MY plan. If the market is not in line with my plan, it doesn't matter how high or low it goes, I will avoid it all together. Most importantly if you had the courage to get in recently, just make sure you have a well defined plan that will guide your decisions when this market turns because when it happens, it will be fast. Depending on others opinions to base your decisions on is a really bad idea. The type of market that we are in at the moment is rare, and can persist long enough to make the world believe that "it's different this time". This is why I day trade (other markets) because it doesn't matter what the market does, you simply adjust and trade.
Comments and questions welcome. (Thank you everyone for the feedback from my previous report. It was very helpful).
Try Trade Scanner Pro for FREE: bit.ly/TSCPRO
Free Signal Every Week: bit.ly/signalwk
My discord community: bit.ly/inviteme2
Trade Bybit: bit.ly/bybreg
Tip With ETH: 0x94c9338fc3A9Ba0F1F930BF4e724C0A3EBB8437E
Free Signal Every Week: bit.ly/signalwk
My discord community: bit.ly/inviteme2
Trade Bybit: bit.ly/bybreg
Tip With ETH: 0x94c9338fc3A9Ba0F1F930BF4e724C0A3EBB8437E
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.