As suggested in one of my previous posts, I said that BTC was a good buy at 8k and got in at 8007. Unforunately, I had to sell (at 8010 I believe) because I do not like to hold positions overnight, especially not in something as volatile as BTC. However, last night I opened a long position at almost the exact bottom and stayed up all night and finally just sold it at a little above 8500. However, as also suggested in one of my previous posts, I said that we could see some great price formation on the 1h chart at 8k that would make the daily and 4h charts look especially enticing, and that has materialized as the price looks great on the daily chart. Imo, the price looks like it can easily go to 10k again, especially considering that it looks like it doesn't want to fill the ascending triangle or pennant that it is in--that is, failing to reach the bottom support line--and that we seem like we may be making a bullish EW.
However, the point of this post is to say that I believe that now is a bad time to initiate a new long position and may be a good time to close your long position unless you are trading strictly off the daily chart. If you are trading off the daily chart, then the next few hours probably won't bother you, but if you are trading on a smaller time-frame, I do not suggest initiating a new long position. It may end up being a good time to go short, but I will certainly not be doing that as I expect mostly choppiness with a downward bias, thereby implying that one will probably have to have a great short entry and exit in order to be compensated for the risk one is taking and I don't know if I am able or even want to try to do that. Therefore, what I am looking to do is get some sleep and long again tonight or possibly tmrw.
However, the point of this post is to say that I believe that now is a bad time to initiate a new long position and may be a good time to close your long position unless you are trading strictly off the daily chart. If you are trading off the daily chart, then the next few hours probably won't bother you, but if you are trading on a smaller time-frame, I do not suggest initiating a new long position. It may end up being a good time to go short, but I will certainly not be doing that as I expect mostly choppiness with a downward bias, thereby implying that one will probably have to have a great short entry and exit in order to be compensated for the risk one is taking and I don't know if I am able or even want to try to do that. Therefore, what I am looking to do is get some sleep and long again tonight or possibly tmrw.