Shorts are again at all time high, They are already underwater as most of them went short at 9k area.
The price closed very well above the resistance of 11.5k indicating that the trend could continue and market does not want to do a massive re-trace yet.
Again we look at the very simplest of tools aka RSI , and see that the 4h 50 RSI is not even broken.
The one thing we need to be aware of is that the weekly Resistance still holds and has not been broken yet.
On the daily this chart is saying we are going to continue up. On the weekly not so much yet - we have to wait for the weekly close.
On the longer term timeframe i posted last week about the ichimoku clouds predicting the possible start of a new uptrend. I still hold that opinion valid until proven otherwise (Btc closes a weekly below 8k area.)
Suppose we choose to trade the daily chart - I'd buy at 11.5k area, And manage my risk based on whether 11.5k holds on the daily.
The price closed very well above the resistance of 11.5k indicating that the trend could continue and market does not want to do a massive re-trace yet.
Again we look at the very simplest of tools aka RSI , and see that the 4h 50 RSI is not even broken.
The one thing we need to be aware of is that the weekly Resistance still holds and has not been broken yet.
On the daily this chart is saying we are going to continue up. On the weekly not so much yet - we have to wait for the weekly close.
On the longer term timeframe i posted last week about the ichimoku clouds predicting the possible start of a new uptrend. I still hold that opinion valid until proven otherwise (Btc closes a weekly below 8k area.)
Suppose we choose to trade the daily chart - I'd buy at 11.5k area, And manage my risk based on whether 11.5k holds on the daily.
Order cancelled:
Trade idea cancelled as of now cuz of shorts dropping massively. Will be updating ideas soon.
Trade closed: stop reached:
Trade idea cancelled as of now cuz of shorts dropping massively. Will be updating ideas soon.