BTC analysis ( 3/1/2022 ) range contraction
Updated
From my last BTC post, I state that BTC is ranging between 45662.68 and 51923.11. The range has now contracted to between 48 000 and 46 847. BTC is also getting rejected by the 1h 200 EMA. The short term outlook is now bearish. If BTC break past the 46 847 level, look at it to test the 45 662.68. Don't place your buy bid at this level as if it break past this level, there is quite a bit of untapped liquidity at this level, so there will be a cascade of liquidation and thus we will place our buy order around 44242. If it test 46 847 and show some signs of price rejection, we can place a long order there. On the other hand, the bullish scenario will be for the bulls will be to break the 48k resistance, 50k and then test 53k ( the 20wk SMA) and reclaim it as support.
Our plan now will be to either sit at the sidelines or get in and out of trades fast by trading at a lower time frame and use a tight trailing stop loss. BTC is quite uncertain now and we don't want to get screwed by a sudden change in BTC price. BTC dominance is also at very strong support now. This means that a imminent move to the upside or downside might be coming soon, favoring the downside.
Our plan now will be to either sit at the sidelines or get in and out of trades fast by trading at a lower time frame and use a tight trailing stop loss. BTC is quite uncertain now and we don't want to get screwed by a sudden change in BTC price. BTC dominance is also at very strong support now. This means that a imminent move to the upside or downside might be coming soon, favoring the downside.
Note
As BTC breakdown of the range I stated and with BTC dominance at Strong daily support, PLEASE DO NOT ENTER ANY LONGS. Have a short bias for now. This window is a great shorting opportunity. We will assess the situation again when BTC hit 45 662. If it is consolidating there. It might break down and sweep the liquidity in which our shorts will profit.Note
Hope you guys didn't get liquidated on the longs and profit from the shorts. The plan still remains the same. Continue having a short bias for ALTS until the trend for BTC shows signs of reversal. The trend is your friend till the end. It is cliche but true for trend continuation trading.
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