BTC Critical Point -> We Are Here Because We Are Not All There
Updated
BTC Has found support after testing the low twice, We bounced and then had a bullish divergence but in my opinion this may be a bull trap. The reason is we went up very quickly and the downward trend will be hard to break, because what goes up must come down... HARD......
As a trader you want to make your risk and reward worth the trade. So professional / whales will be sitting this one out, If they did get in they wont be putting more money into the market until clear direction. The correct entry was the low of $10,700 - $11,000 area. And you will close your trade at entry (not yet triggered). So far you had no reason to. But we are approaching the next big barrier that bitcoin has. That barrier is a moving average that we may have trouble getting above. Along with some strong resistances that were previously created. These points are around $16,000 - $17,000 area. We need to get large buyers to come in to help us get over these areas. If we are unable to then its possible that we will continue down to retest the lows of $11,500 area. In this case we will likely fail and fall to previous support levels of $8000-$10000. For the people that have entered at the 10-11k area, This will be a indication to take some profits. And they will
We are not supposed to trade this, and its possible that this is a good time to start considering covering some of your positions that you may have not had a chance to cover yet. And wait for signals to re-enter the market.
Best of luck traders!
As a trader you want to make your risk and reward worth the trade. So professional / whales will be sitting this one out, If they did get in they wont be putting more money into the market until clear direction. The correct entry was the low of $10,700 - $11,000 area. And you will close your trade at entry (not yet triggered). So far you had no reason to. But we are approaching the next big barrier that bitcoin has. That barrier is a moving average that we may have trouble getting above. Along with some strong resistances that were previously created. These points are around $16,000 - $17,000 area. We need to get large buyers to come in to help us get over these areas. If we are unable to then its possible that we will continue down to retest the lows of $11,500 area. In this case we will likely fail and fall to previous support levels of $8000-$10000. For the people that have entered at the 10-11k area, This will be a indication to take some profits. And they will
We are not supposed to trade this, and its possible that this is a good time to start considering covering some of your positions that you may have not had a chance to cover yet. And wait for signals to re-enter the market.
Best of luck traders!
Note
SHORT TRADE CAN BE TAKEN BREAK OF 16kTrade active
BTC SHORT
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