- Bullish scenario for Bitcoin is that originally I thought that the price would start dumping after losing $9200 support, but it caught a hold of it & this uptrend and is holding respectively
- Entry point is along the $9200 ($9188) with a tight 2% max drawdown SL to be safe and protect your capital
- With the SPY and other major stocks continuously rising in price, and the fact that Bitcoin & the US Stock market are correlated, we may just see another test of breaking out of this downtrend
- Bearish case scenario for Bitcoin is that it falls below this and starts falling down to $8650 and below.
- We could even see a close above this downtrend and a possible nother touch of $9950-$10000 level
Entered to a T @ $9188, price of SL is now moved up to initial entry to avoid capital loss.