Bitcoin. Just don't long it. "Miss out".Warriors!
Look, there's nothing holding BTC anymore.
No moving average, no trendline. If it breaks out of consolidation it has been in for months, which can happen easy after we lose WMA50, it won't take the elevator down, it will take the window down.
I'm going to tell you how I will do it, I will go long BUT first I will only start at maybe 6700, and really small on Kraken where I have a short 2 months old, I will close that and go long really small. And then add every 5-10% maybe. Let's say every 7.5%.
For example start with $1000 on 6700, then add $1000 on 6200, so the avg entry is 6450 $2000, then add $2000 on 5950. Then go to 5600 which is about where Monthly MA20 is and it might hold, add $5000. Something like this, just a random example.
Why I can go long without worrying too much is I have a short insurance which I will just keep open forever on Bitmex. I wish I had a bigger position, but it is fine.
I added $250 yesterday at 7600 lol, very non-warrior.
Shorting will be much more interesting here.
Just look at the daily and weekly MA's above us, they are safety cushions, if and when we go back up to test WMA50 as resistance, that will be a great short entry, I will double or more my short insurance on mex and I will open an intraday and/or intraweek short on Kraken.
If you hold a let's say 10 gran short from the top, you're safe to go long for 5 grans trying to get some money off bounces, if it just falls straight down and you're at a loss on your long, your insurance is here to give you your money back :)
I expect a bounce somewhere in the 5800-6800 region, could be above, but it really has no safety cushion so watch out.
The first support would be WEMA 100 (at 5500$), which has been reactive in the past.
And it looks like that fractal I posted a while ago might actually get followed, at least at the start.
Looking at it closer:
Yeah I think 5500 at least will hold, and if it falls that much it will bounce harder.
If you have a short hedge you can go long with no safety net and ride your loser till 5500 np :)
I wouldn't consider going long before 6800 perhaps thought. Better miss out than buy too high with nothing holding it, it's just dumb. Or gambling.
Cool thing is at these levels that are interesting to long, there are also some fibs! Magical!
That means going long at 5500 4900-5000 & 4200-4600 is rather "safe".
Also, go long on that trendline, but what is the price going to be by the time we reach it if we ever do? Going long before any real support is suicide.
