BTC/USD - REKT
Updated
As predicted in my last published idea, we went down after failing to break out from the 8,900-9,200 zone. Personally, I don't like to talk about fixed resistance lines, because I think most of the time that's stupid. Talking about resistance zones/clusters make more sense - a price range where we'll meet a lot of buyers (support) or a lot of sellers (resistance).
It's clear now that we're in the last major support zone before risking going to the 7,000 range again. Once we break down from this zone it's pretty much free falling - as the last pump that skyrocketed us from 7,500 to the 8,000 range was super inorganic, we shouldn't have any meaningful support once we're under 8,200.
Seems like a good opportunity to place a short and see how market develops.
My entry point: 8,600
My target: will see how situation plays out
My stop-loss: 8,800
It's clear now that we're in the last major support zone before risking going to the 7,000 range again. Once we break down from this zone it's pretty much free falling - as the last pump that skyrocketed us from 7,500 to the 8,000 range was super inorganic, we shouldn't have any meaningful support once we're under 8,200.
Seems like a good opportunity to place a short and see how market develops.
My entry point: 8,600
My target: will see how situation plays out
My stop-loss: 8,800
Trade closed manually
Close my short position @ 8,400. Support seems to be holding for now. Choppy waters ahead for sure, don't really want to open any position anymore until I can figure out what's going on in the market.
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