BTC is still keeping its bullish formation since March. As mentioned in the last idea, I am not bearish unless the daily timeframe is closed below $8,400.
However, keep in mind:
BTC is currently at the critical resistance, ie. the February high.
The uptrend channel since March 2020 has 'probably' become flatter. The reason I am saying probably is because there are yet two touches on the upper trendline to confirm the channel.
There is bearish divergence on the daily timeframe.
~~~~~~~~~~~~~~~~~~~~~~~~ What does the above imply? ~~~~~~~~~~~~~~~~~~~~~~~~ This means that buying at the current price level (at resistance) is not interesting in terms of risk reward (if you have not bought previously). To become a consistently profitable trader, you only want to enter high probability and good risk reward set up. Over-trading and chasing the price will not last you very long in trading.
Before entering a trade, you need to ask yourself - where are you going to set your SL & TP? If you chase the price, you might get lucky once, twice, or even 50 times+ but that one black swan event similar to the one on the 12th March WILL blow up your account.
Although our recent buy on BTC at $9,000 did not get triggered, some of you may have entered a few alts with me. The worst that could happen to us now is that we get stopped out with little or no losses as we have moved SL to break-even on some of those positions.
In terms of my long term positions on BTC ? I will close all of my $7,700 positions if price reaches $11,400, leaving the $7,000 positions. (Check below for my long term investment BTC portfolio)