BTC over 70K???
In my previous post, I have predicted the continuous downtrend of BTC.
Many people are getting hyped up over if BTC will reach 70K or not:
some are expecting a breakout this week while others don't.
While the price of BTC rose above the upper level of the downtrend(marked as a black line),
it has met a resistance at 69.4k which was my entry price for short.
And though I cannot tell certain (like everyone else),
I can only guess there might be a support in 68k if the price keeps dropping
where numerous price actions have been seen in past few days.
The more obvious support level, however, will be 67.7k,
which is the upper level of the downtrend which will now act as a support level.
So if the price hits this level, I can only imagine major price actions will happen.
Of course this doesn't really tell us anything about the future:
the price could continue to drop after the consolidation,
or it could gain the rebound momentum and rise up again.
Nobody knows the future, really,
it is up to you to decide: long or short.
But most important thing is, in my opinion, is
NOT to predict, but to react.
My prediction for short was based on the knowledge that BTC has met the resistance level and therefore will certainly show some actions, even if it will eventually continue the breakout.
So I won't be mad if BTC rises again, because it's still a win for me, though it was smaller than what it could've been.
Remember: react, not predict!
That's how we make money in this field :)
Many people are getting hyped up over if BTC will reach 70K or not:
some are expecting a breakout this week while others don't.
While the price of BTC rose above the upper level of the downtrend(marked as a black line),
it has met a resistance at 69.4k which was my entry price for short.
And though I cannot tell certain (like everyone else),
I can only guess there might be a support in 68k if the price keeps dropping
where numerous price actions have been seen in past few days.
The more obvious support level, however, will be 67.7k,
which is the upper level of the downtrend which will now act as a support level.
So if the price hits this level, I can only imagine major price actions will happen.
Of course this doesn't really tell us anything about the future:
the price could continue to drop after the consolidation,
or it could gain the rebound momentum and rise up again.
Nobody knows the future, really,
it is up to you to decide: long or short.
But most important thing is, in my opinion, is
NOT to predict, but to react.
My prediction for short was based on the knowledge that BTC has met the resistance level and therefore will certainly show some actions, even if it will eventually continue the breakout.
So I won't be mad if BTC rises again, because it's still a win for me, though it was smaller than what it could've been.
Remember: react, not predict!
That's how we make money in this field :)
Comment
I have a rule to close all positions before the night to avoid any liquidation, so I exited early but the price is keeping its downtrend (for now).
Funny enough, the price did make a breakthrough, just not the way people wanted.
While it is too early to judge (if there even is a right time), I am confident about the downtrend.
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