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/neoButane/

Note: It'd be ideal to get Deribit's funding ticker or index ticker on TradingView, too. Ideally ideal.

Comment:

Bullish wick off the 7200 level. On the hour it looks like a bearish rainbow, otherwise known as the bear clam. Hard to open a position here if not scalping.

Comment:

7294.5*

Comment:

So it's back above 7200 and did a >80% full candle retrace within a....minute? This means someone bought so much he slipped the mark price up and liquidated a ton of shorts in that +4.5% move up. Market walls closed in quick so I am thinking someone added too many zeros or just hates poor people. The other theory is that they closed a small portion of their massive short to negate the negative funding period. Lol.

Points of interest to check for bearish/bullish retesting levels: 7050/7200/7245