Bitcoin, be ready .

It dropped , and it went back up again ( indeed stronger than i was expecting to see)- anyway i dont trade pullbacks especially on bitcoin, manipulation can mess things up.

But on daily we are still inside a big wedge that closes roung 10k area !
Im curious to see what the chart will show us if we reach that level.

So far im still waiting patiently for another short opportunity.
Theres a fractal right now that can repeat again.
We will see.

Note

Went short, i wasnt able to get in at the right moment, so i went a few min earlier but ofcourse using a mcuh smaller possition ( i had to use a forex platform where the spread was pretty high ).
Anyway , im seeing 2 scenarios : 8.4k - 8.5 k area and going to 10 k maybe.
Or simply breaking the daily wedge and dropping.
Ill keep it updated.

Note

Really thought we will see a drop , but bitcoin we all know is a bit different than traditional markets. Had a small short and ive closed it for a small loss.
I choose to stay away and see how this triangle breaks. Can go both ways , thats why i wont take any risks here.

As for a medium term view, we still inside that big wedge and i still expect the drop. But maybe first we will see like 10k ?

Note

And theres 11k . That triangle ive showed above broke above the big wedge too. So that one is no longer valid. I know its looking like it would go up forever, but dont trick yourself. Even if id choose to go long here- for closing the possition ( if youre not gambling ofcourse) you ll need a confirmation, and then you would close long and open short right ?
Well, for that confirmation to appear the price has to drop, create a shape...so you can see it. And that can cut your profits or even worse: oblige you to close on loss.

I dont know where it will stop. Im not gambling nor speculating. Is going up now- is clear. I choose to wait. And remember all people making money when are long will want to make money when shorting opportunity arrives.

So far , after years of trading- staying and waiting sometimes its the best thing you can do.
Once i see a shape im going to update.

For the ones who are long: i would not close it here- im talking for those being short from 8-9k or ever lower.

TradingForRealOfficial

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.

TradingForRealOfficial