Once again, the bulls failed to come thru with some force. I have closed all of my positions and exited the market. I believe bitcoin has begun a correction and the top is in, for now.
I am waiting to take a short trade if $33,833 support breaks.
Resistance is at $37874, however if support breaks, I will use a tight stop loss based on the 6 hour chart / lower timeframes. I do not believe it is wise to use $37874 as a stop loss.
Support: $33,833, $27,500 Resistance: $37874
Please understand that I trade bitcoin every day. As the price gives me new information, I adapt my bias and do update when I do so. I have had an incredible run and have secured lots of profit.
Please do your own analysis, responsibly manage your risk, and stay safe.
Thanks for hitting the like button!
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If I take a short scalp, I intend to take profit between $30,900 and $31,500. There definitely will be bounces on the way down. I will scalp it on the lower timeframes. Please follow your own plan and stay safe.
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The price will likely dip down to near $30,000 and could make a bounce up to around $37,000. Do not get trapped in the wrong position. The current price is not a good place to open a swing short trade, in my opinion.
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PRICE LIKELY TO RETEST $37000 REGION
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Expecting the price to continue chopping over the weekend and for the downtrend to continue on Monday. I will be flat until Monday and will avoid longs on the lower t.f
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Please see updated idea
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Please see updated idea for ETH
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I believe that the Bitcoin price will very soon head down to $28,000 on the lower timeframe. Please see my most recent update for the lower t.f.