When you go to CNBC and regularly see headlines about BTC rallies, you know that there is some over exuberance. Chart tells me the same thing. Clearly bullish but not a time to be buying. Recent breakout certainly offered opportunity but still too aggressive and risky for my tolerance. Therefore I am watching the 27500 area for reversal and then a retrace to the 18500-19500 area
is what I’m expecting. We will of course need to see price action consistent with a bullish reversal for a swing trade long at that time. Of course it can go higher from here but just not an area that I am entering.
is what I’m expecting. We will of course need to see price action consistent with a bullish reversal for a swing trade long at that time. Of course it can go higher from here but just not an area that I am entering.
Comment:
So as expected, we are seeing some price action consistent with hesitation at the 27.5-28k area. A reversal bearish pin bar printed on the daily yesterday but has NOT confirmed yet with break of the low of that pin bar. Nothing to do here except for wait if you're not in a swing trade already.