BTC Long - High R/R, odds of success moderate. Target - 10.2k
Here's what I got guys. I was bearish on bitcoin because of the very obvious bearish divergences on larger timeframes (which are still present, however, can be broken if we get a pop on volume here.)
Here's a nice support zone in green, which was previous resistance if you look at the last time we hit 9.7k, now turned support. I will be buying / have bought in the 9650 range and will be looking to cut losses below 9600.
There's a decent chance of breakdown, as I have said, however this is a bet I am willing to make. If we do not break up here on volume, cut your losses and set some bids in the 9350-9450 range. Cut below 9.3k.
Let's see what happens.
Here's a nice support zone in green, which was previous resistance if you look at the last time we hit 9.7k, now turned support. I will be buying / have bought in the 9650 range and will be looking to cut losses below 9600.
There's a decent chance of breakdown, as I have said, however this is a bet I am willing to make. If we do not break up here on volume, cut your losses and set some bids in the 9350-9450 range. Cut below 9.3k.
Let's see what happens.
Comment:
Also want to add that I was planning on shorting this previously, however, because of this consolidation below resistance (which is bullish) I decided to put my money on long instead.