Outlook on BTC ( 5/2/2023 )
Swing trade has been a success as of today since longs was called out in late November leading into December. Using BTC as reference to all other crypto coins, we are up a solid 48.65%.
Do i believe we will continue higher ? yes i do. Fundamentally the market sentiment has just started to shift. The relieve rally that we are experiencing now was expected but will be short lived. My ideal take profit levels has been stated above and i would not mind scaling out alittle at its current price point as we are having slight exhaustion due to a technical reason of BTC being at a major resistance now. Upon a break of this level would give us another leg up which will ideally hit our take profit targets as marked up above.
With both fundamentals and technical aspects showing us a bullish bias, i would only shift and scale out all my long positions if there is a fundamental shift. Which i do believe will happen but only in the mid year. ( likely recession ) I may be wrong hence scaling out and bagging alittle profits at current price is a good idea.
Do i believe we will continue higher ? yes i do. Fundamentally the market sentiment has just started to shift. The relieve rally that we are experiencing now was expected but will be short lived. My ideal take profit levels has been stated above and i would not mind scaling out alittle at its current price point as we are having slight exhaustion due to a technical reason of BTC being at a major resistance now. Upon a break of this level would give us another leg up which will ideally hit our take profit targets as marked up above.
With both fundamentals and technical aspects showing us a bullish bias, i would only shift and scale out all my long positions if there is a fundamental shift. Which i do believe will happen but only in the mid year. ( likely recession ) I may be wrong hence scaling out and bagging alittle profits at current price is a good idea.
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