BTCUSD
is still in a bearish mode as price hasn't been able to print a higher high. Right now there is so much weakness and no conviction in the market to push price higher it also looks like that the upwards retracement is already coming to an end. As much as I would like to see it go up again, technicals tell me a different story and in the mean time we keep selling it.
As our shorts from the 61% retracement are still open and in profit there are no worries right now. (except that we are not going up)
Actually I was hoping to make some extra profit trading the intermediate retracement upwards but it looks like this is not going to happen.
If
BTCUSD
price closes below $7300 the downtrend continues and it is likely we will visit (much) lower levels. At that point I will add to my $btcusd shorts.
Trade active:
BTC trade is continuing the path as predicted. You should be well in profit right now.
There might be a small retracement back to the previous range but the first target is still $5100. Hold tight. If price decides to retrace to the $6400 area it will be a great opportunity to add a bit to the short position.
There might be a small retracement back to the previous range but the first target is still $5100. Hold tight. If price decides to retrace to the $6400 area it will be a great opportunity to add a bit to the short position.