BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

BTC has spiked once more since I wrote my TA to enter at 8.75-85 level (for those who haven't bought at a lower price). I think now is a time to short and re-enter.

Considering the increasing FOMO, I would not expect a full retrace to EMA50-100 level (7.55 level). I would start buying very small portion at around 8k and buy more after checking whether EMA200/20 support is intact (7.85k level).

There is a very small possibility that the price will surge once more to test 8.4k level. But given the huge resistance to the upside and the fact that there was no proper retrace after the initial rally from 6.9k, I would not really expect the price to complete the rally upwards.

Good luck to all and thanks for reading my TA.

Comment: Extremely low volume indicates that both bulls and bears are trying to figure out what would be their best move.

Note that there are signs of bear trap. If you are a very aggressive investor, entering a small portion after observing a significant (high volume) bear trap can be a possible strategy; though, personally, I would wait.
Comment: Still just moving sideways. BTC might attempt to break the 8.4-8.6k resistance level - which is very unlikely to be completed.
Trade active
Comment: Here we go
Comment: Considering the amount dumped I would be very careful to enter - check first whether the support lines maintain.
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