BTC major resistance in symmetric consolidation
Updated
BTC has dropped and re-entered a symmetric consolidation area. Next targets for me are 68k or 62500ish.
When consolidation breaks, I expect either 73k or else 56500 areas to be tested.
On fundamentals, german supply is done selling.
Mt Gox and US Silkroad supply are still there so I would have been favouring the downside.
Except republicans look like they'll win, and so I'm guessing that's very bad for the dollar and good for every asset on earth. I would tend to want to play short retracement to 62.5k and then upside to 73k.
I market the most likely levels in my eye as "1" "2" and "3" but there may be not much retrracement just based on the macro.
When consolidation breaks, I expect either 73k or else 56500 areas to be tested.
On fundamentals, german supply is done selling.
Mt Gox and US Silkroad supply are still there so I would have been favouring the downside.
Except republicans look like they'll win, and so I'm guessing that's very bad for the dollar and good for every asset on earth. I would tend to want to play short retracement to 62.5k and then upside to 73k.
I market the most likely levels in my eye as "1" "2" and "3" but there may be not much retrracement just based on the macro.
Note
I took a short last night, closed it at VWAP. Unsure where we'll go next.
Short entry: 65540.24
Exit: 63946.54
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