BTC is HOT - where its looking to go
Hey everyone,
Shutout to all the mom's on this mother's day!
Let's get to it. EXCITING STUFF going on here. Although I didn't enter thinking that price was going to skyrocket the past day, we did have a successful long from last week that still brought in a hefty chunk of cash.
Taking a look at the chart today, BTC is HOT. after an exponential run in just 48 hours, the coin needs to relax and lay low for a day or two before any big moves happen.
The RSI is teasing the danger zone, and needs to consolidate to around 60 ish again and move out of that overbought position.
The highest number of shorts (since January) were just liquidated on the asset, possibly due to exchanges wanting to cover their butt as all sorts of scandals are draining money (Binance?).
There are a few different prices that BTC could consolidate at and I'll tell you in order the strongest to weakest.
STRONG Bull- 7000. It's a psychological level, it has a fib level sitting right next to it. The EMA is keeping the price floating right above it. BTCUSDSHORTS is hitting a consolidating area right now, which is about at $7000.
EHHHH - 6600s. This range has a tremendous amount of bull volume supporting it, and it's also right next to a fib level. If I was going to swing trade long at 7000, I would throw a stop loss around this level
Weak Bear - $6200-6250 .If you don't think there's a chance to start a bull run, I'd look to short around this level. There has been consolidation here before, consistent bull/bear volume. Price trended here for a substantial amount of time prior to this run, and, as always, there's a nice cushion from the fib level here.
Depending on your trading style and attitude towards the market, the strategy will be different. Personally, I am very bullish due to the overall change in sentiment, and I believe crypto will take off. However, if you think the technology is not worth the current price, trade to your style.
Make sure to always STICK TO YOUR PLAN when you trade, and make predetermined adjustments as the market evolves. Don't trade emotionally and make sure you're not just throwing in money because of FOMO.
What do you think? Is this a short-lived trend that exchanges are just using to get some extra cash?
-Block
Shutout to all the mom's on this mother's day!
Let's get to it. EXCITING STUFF going on here. Although I didn't enter thinking that price was going to skyrocket the past day, we did have a successful long from last week that still brought in a hefty chunk of cash.
Taking a look at the chart today, BTC is HOT. after an exponential run in just 48 hours, the coin needs to relax and lay low for a day or two before any big moves happen.
The RSI is teasing the danger zone, and needs to consolidate to around 60 ish again and move out of that overbought position.
The highest number of shorts (since January) were just liquidated on the asset, possibly due to exchanges wanting to cover their butt as all sorts of scandals are draining money (Binance?).
There are a few different prices that BTC could consolidate at and I'll tell you in order the strongest to weakest.
STRONG Bull- 7000. It's a psychological level, it has a fib level sitting right next to it. The EMA is keeping the price floating right above it. BTCUSDSHORTS is hitting a consolidating area right now, which is about at $7000.
EHHHH - 6600s. This range has a tremendous amount of bull volume supporting it, and it's also right next to a fib level. If I was going to swing trade long at 7000, I would throw a stop loss around this level
Weak Bear - $6200-6250 .If you don't think there's a chance to start a bull run, I'd look to short around this level. There has been consolidation here before, consistent bull/bear volume. Price trended here for a substantial amount of time prior to this run, and, as always, there's a nice cushion from the fib level here.
Depending on your trading style and attitude towards the market, the strategy will be different. Personally, I am very bullish due to the overall change in sentiment, and I believe crypto will take off. However, if you think the technology is not worth the current price, trade to your style.
Make sure to always STICK TO YOUR PLAN when you trade, and make predetermined adjustments as the market evolves. Don't trade emotionally and make sure you're not just throwing in money because of FOMO.
What do you think? Is this a short-lived trend that exchanges are just using to get some extra cash?
-Block
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.