alperkirdal

Bitcoin Daily - Incoming Decision Point

alperkirdal Updated   
BITFINEX:BTCUSD   Bitcoin
We have started the week with another drop to around 7160 and this drop touched my close order for my short position. My entry point average was around 7575 (you can check the previous posts), so this was a fair trade for now. So what may happen next?
I still do believe the price will fall more to test the support line of the triangle in this chart which will be around 6900-7000 range, but I am at work so I don't want to carry the short position too much. Still if you like you may try your chances with short position, but from now on I will wait in the sideline for btc to test this support. If the support is broken, I will open a short position. If it bounces back, I will look into it more carefully.
The reason why I am neutral at this point is that Ichimoku cloud is getting thinner in 2hour frame. The bulls may try to break through 7500 in coming 2 days. Moreover, the market sentiment right now is quite bearish and I just don't feel comfortable when that happens. Isn't it look too easy to short it till the price tests the support line? I don't want to create FUD, but being cautious in this volatile market is always a good idea.
What is your perspective, are we going down or do a reversal?
I have no position, I hope you all good profit and fortune today!
Comment:
It seems that I will put my bear paws after work tonight. I looked very briefly, but it seems getting short around 7350 is reasonable. I will look into it update my position here if I enter the market.
Cheers!
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