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Safer to long under $9910 and short over $10050For my own limits, 9900-10000 is a no trade zone because I have no directional bias to rely on in this area. I view under or right at the bottom of $9900 as a reliable support level and $10050 as resistance. Alternatively, 9947~ can be a area to scale in long as it is the 0.618 retrace point of the dump (10085-9730). $10000 is a psychological resistance and an area of liquidity that can be retested if the $9900 range is cleared. The blue boxes designate where I will scale in/out of position. It would be ideal to short anywhere above $9900 if you're bearish because of $10000 being a psychological level lost. If bitcoin doesn't recover, price will start to chop under for at least a few days (or years, who knows). I am currently bullish on the price of bitcoin for the end of this daily to close above $10000 but am expecting unexpected volatility. The fib retracement on the chart is from the 1 minute chart.
DERIBIT:BTCUSD.P
by NeoButane
3
Bitcoin back up over 7200 for now Undetermined resistance. Possibly 7350 or 7402. Beyond that, I am hoping for a move towards higher 7k levels. Deribit options were nice because I was able to get out in profit on both my terrible calls and puts while I was asleep. I closed my short and flipped long on futures at 7200, hedging with a 6500 put Dec. 27 expiry. Quick change to idea while writing this: if it fails to break past 7250 repeatedly it can bounce between 7100-7250 or dip into 7000 Moving forward I am considering: - Place low priced orders for more puts as price rises (not on the weeklies) - Hedge short at each possible resistance level and put tight stops on them - Reduce long (but bitcoin only up so I probably won't do this) - Hedging at 7250 because it's a round number I use COINBASE:BTCUSD as the ticker to view because volume on Deribit is currently too low to create 'proper' price action and volume analysis. Note: if you trade on BitMex, never buy their Ups/Downs. Flood on Twitter has done a whole analysis on why it's a terrible idea. Credits to Crypto Cred/Mayne et. al for SR level + range trading ideals. If you want to learn more/different methods I would suggest looking at their content as well as Trader Dante, tradersz. Murad Mahmudov, TheCryptoDog, and AltcoinPsycho have good content on trading mentality/sentiment analysis. And the others I have forgot (sorry lol).Check my following list or something twitter.com Note: It'd be ideal to get Deribit's funding ticker or index ticker on TradingView, too. Ideally ideal.
COINBASE:BTCUSDLong
by NeoButane
2