This July has been extremely difficult and it is very hard to trade at this time. Unless you are really skilled and you know your strategy and have a risk management method, I wouldn't personally recommend to trade longs or shorts in this area. Of all, its best not to lose money.
Two scenarios in mind.
We broke out of descending trend line once more. But I hope we are smart enough to figure out that it is to bait people and bring money in.
When people are getting bullish again, and stuff like that, then its a confirmation that this is not the bottom. As I said bottom comes in out of nowhere, or at least through long time of accumulation period.
Believe it or not, personally I have 4.5k as a bottom in my mind, which means one last down leg left then we will go hit 12k. (im not joking)
So, first scenario is, We break up out of the ascending wedge, through a short squeeze, reducing the shorts, then get rid of all the longs. The target would be 7300ish level. Then we drop hard.
Second scenario is, first we break out of ascending wedge from 6950-7050 level, Drop down, getting a support at our strong support level 6250-6350 level, then we go up to 7400.
However, I personally think second scenario is more likely, cause at the moment 62% longs are opened and I don't think the whales will ride with them. We will get rid of longs first, then we kill majority of shorts whose liquidation is above 6.8k-7.1k level.
Bitfinex LONG\SHORT: 1.648 (62.0%)(38.0%)
Long: 35285 BTC
Short: 21417 BTC
Hit me some likes.
Two scenarios in mind.
We broke out of descending trend line once more. But I hope we are smart enough to figure out that it is to bait people and bring money in.
When people are getting bullish again, and stuff like that, then its a confirmation that this is not the bottom. As I said bottom comes in out of nowhere, or at least through long time of accumulation period.
Believe it or not, personally I have 4.5k as a bottom in my mind, which means one last down leg left then we will go hit 12k. (im not joking)
So, first scenario is, We break up out of the ascending wedge, through a short squeeze, reducing the shorts, then get rid of all the longs. The target would be 7300ish level. Then we drop hard.
Second scenario is, first we break out of ascending wedge from 6950-7050 level, Drop down, getting a support at our strong support level 6250-6350 level, then we go up to 7400.
However, I personally think second scenario is more likely, cause at the moment 62% longs are opened and I don't think the whales will ride with them. We will get rid of longs first, then we kill majority of shorts whose liquidation is above 6.8k-7.1k level.
Bitfinex LONG\SHORT: 1.648 (62.0%)(38.0%)
Long: 35285 BTC
Short: 21417 BTC
Hit me some likes.
Comment:
Buy call, Target 6950.
Comment:
