I see signs that we are ready to retest the demand zone between 56600$ to 59600$. These signs include the breakout of the descending triangle and a breakout of the micro trend. We also have a huge M pattern in play even at the 4H. What I look for is to at least get a double rejection at 58244$ and is eyeballing 56,6k if we dive deeper.
As I saw the bearish sentiment build up I went in with a 100x long at 60738$ and on this trade I made over 50% profit.
I went in with another short at 60309$ as the bearishness was building up and we also got the creation of a bear flag. I think we are not that likely of retesting previous given resistance because of the bear flag combined with the story the candlesticks are telling. We got some big red and prominent candlesticks indicating that we might not retest support followed by a weak buying side with small candlesticks seeing new given resistance. I think we are most likely of continuing the bear trend sooner or later. I could be wrong but then I look forward to go in for another short after retesting resistance. I still think that BTC will dive into the abyss regardless.
As I saw the bearish sentiment build up I went in with a 100x long at 60738$ and on this trade I made over 50% profit.
I went in with another short at 60309$ as the bearishness was building up and we also got the creation of a bear flag. I think we are not that likely of retesting previous given resistance because of the bear flag combined with the story the candlesticks are telling. We got some big red and prominent candlesticks indicating that we might not retest support followed by a weak buying side with small candlesticks seeing new given resistance. I think we are most likely of continuing the bear trend sooner or later. I could be wrong but then I look forward to go in for another short after retesting resistance. I still think that BTC will dive into the abyss regardless.
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We see a rising wedge and signs of beeing inside of the resistance zone. I think we are most likely to dump!
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The smaller timeframes got rekt but I still believe that this is a retest of resistance. I might have been a little quick on the trigger but I feel pretty confident about this trade.
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Considering the ammount of bullishness I ended up with a 100x long. We still have to at least wait for the 15min close in order to tell if we are going to test resistance though.
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You see we have a rounding bottom combined with a break in of the micro trend channel. We might even be ready for 72k. Time will tell. I am looking forward to make this trade risk free.
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See the long idea for where we might be heading. We still need to break the micro trend to the upside before we can tell direction for sure.
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We are currently testing the support zone. I am holding my long position
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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.