Whaha sick pullback yesterday on BTC, leaving a lot of longs who entered >10k trapped. Don't want to enter anything ranging between 9300 - 9600 until we have a clear breakthrough and retest. Two possible scenario's and setups.
Long
- We smash through 9600 and retest.
- Confirmation if we stay above the uptrend which is working nicely for me
- Likely to test again 10.200 - 10.500 range
- choppy choppy steady uppy
Short
- We stay under the uptrend
- Go below local support at around 9300 and retest
- Enter on a solid retest to short this ride preferably towards 7.300 and some TP's along the way
If I had to gamble right now, I would gamble on shorting, because of those lovely longs being trapped above 10k and 'dip' buyers at 9000, which could act as lovely fuel to further downside. But still, keeping an eye on 9300 or 9600 first.
Long
- We smash through 9600 and retest.
- Confirmation if we stay above the uptrend which is working nicely for me
- Likely to test again 10.200 - 10.500 range
- choppy choppy steady uppy
Short
- We stay under the uptrend
- Go below local support at around 9300 and retest
- Enter on a solid retest to short this ride preferably towards 7.300 and some TP's along the way
If I had to gamble right now, I would gamble on shorting, because of those lovely longs being trapped above 10k and 'dip' buyers at 9000, which could act as lovely fuel to further downside. But still, keeping an eye on 9300 or 9600 first.