The biweekly timeframe trend expired, and price corrected 25% in a single day right after. I think there might be some profit taking and a shakeout might take place, until liquidity steps back into the market. The recent claim of a huge short position at Finex should have been followed by a wave of buying since the trader obtained the proceeds of the short sale in USD (around 220 million), but instead we get more selling. An inverted price axis shows a bearish picture, further confirming me of stepping back from Bitcoin for the time being and waiting to buy back on dips during July or August. The 2 Month timeframe bar formed a Range Expansion pattern last month, and usually these were followed by 30-50% retracements during previous bullish trends.
Since the 2 Month timeframe trend is up, I'm biased towards going long for the longer term, but in the short to intermediate term I see risk in being positioned. I'm currently hedged, and waiting to cover shorts lower to buy back spot Bitcoin positions and add margin longs once more.
Cheers,
Ivan Labrie.
Since the 2 Month timeframe trend is up, I'm biased towards going long for the longer term, but in the short to intermediate term I see risk in being positioned. I'm currently hedged, and waiting to cover shorts lower to buy back spot Bitcoin positions and add margin longs once more.
Cheers,
Ivan Labrie.
Note
Trade active
This level could hold as support, market is oversold in an uptrend here. You could buy a long term position back now, stop is 5269. If not falling below 6481, the trend signal in the long term remains valid too.Note
8H #BTCUSD hit the target at the very bottom of today's action. Time for this trend expires in the next 8H period, but price is already rebounding which is positive Note
8H signal is moving nicely. We still have time to retest the down trend mode at 11718. It would be constructive to see price hold over 11610 from here onwards.
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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.