Bitcoin failed to sustain above 17.1 in another nice fakeout.
In my opinion just trying to delay the inevitable. There is substantial demand on the bid and sellers at the moment seem exhausted.
As discussed in the previous video Options expiring in December carry the highest Open Interest of all contracts and the max pain zone points to 19k which sits at a technical resistance.
It is the perfect present for a Xmas coated rally.
A visit to the 16.2 would probably offer better risk-reward than current price levels. But the key is also to reclaim above the 17.1 and sustain.
But overall the strategy is looking for Long entries on pullbacks while the "invisible hand" keeps pushing all these sideway shenanigans in order to get everyone fearful.
Remember Long positioning is what makes sense from a risk/reward standpoint here but I do not yet believe we found the bottom. Due to some other factors related to how futures have been trading over the last months.
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Bitcoin is vibin!
LFG!
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Reclaiming that 17.1 and sustaining above it is now key for me.