We have been trading sideways for a while now, bulls recently failed to break sellers territory around 11800-12K attempts on the 4hr. If we go with the major trend we are extremely bullish and 10500 could be the bottom. Shorter time frame like the 4hr does show bear momentum and ready to cause panic. As an investor I added to my bag at 9900-10500 and will keep it for the longer term. If it starts breaking down I will keep adding to my position around 5K-8K. As a day trader I am still neutral giving the fact that we can not break 10K nor can we break 12K yet. Patience is the name of the game or else you would be trading the chop which is what the big boys want for liquidity. For my personal gain I would definitely love to see cheaper coins, but maybe that boat has sailed away. Time will tell, but this time next year we will wish we bought way more at these prices. Cheers!
Trade active:
BTC touching down on BTFD zone, where I am starting to scale out of my short from 10K and will be buying some more btc as investment. I am expecting a nice bounce up anywhere from 5700-6100 since that is where many shorts will be buying to close their position and many bulls will come into play as well. The bounce could take us all the way to retest 10K support now turned resistance, and from there we will see the battle of bear continuation or bull takeover.
Comment:
5800 held, now we sit back and relax and see how this unfolds. I doubt any bears will continue shorting this low, if bear trend wants to continue they will want to sell at higher prices.
Comment:
10K was almost kissed which was my tp for the swing trade.. I will put a trail stop in case it decides to go to 9-9500