Bitcoin - Reasonable Hourly Odds For a Long Here
Bitcoin took the seemingly sudden and violent dip I expected. There's no way to know if it's going back to higher highs anytime soon, but there are good odds here to start giving longs a shot, so I've re-entered. There are plenty of additional buy points lower for the long-term plays, so I don't feel the need to chase anything yet, but the hourly 200 moving average as well as the ichimoku cloud is holding well (no closes below following wick tests, very classic bitcoin bullish/reversal action). If we do take off here, I'll sell some at the trendlines , but with odds this strong given it's easy enough to dump the trade (or even reverse it) if we can't keep holding support (particularly if 10400 doesn't hold), we shouldn't need this trade to work very often to make trades like these profitable over time. If you're still short (I covered when we couldn't break below 10400), consider at least stepping to the sidelines here and take profits imho. the short through 10k if it happens should offer a great trade as well. If this happens, look in the mid 8k's to catch knives.
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