cheynos

How should we react to this? How I'm going to do it (update BTC)

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone

We are still in the greens today, how will BTC react and how should WE react to it?
Just a small update on current situation.

So as I expected are we still in the price-range between 7.8 and 6.8K. There hasn’t been a massive correction or a upwards trend since the big candle on Wednesday. This is a very bullish sign. This means that even when BTC is heavily overbought, the bears are not strong enough to hold on. The momentum is still going on at the moment, nevertheless, I expect a small correction tomorrow or day after.

-Fundamentally has the news never been as good as it is at the moment. Everyone apparently seems interested in cryptocurrency these days (or should I say potentially fast cash?). The talks of possible ETF’s, billionaires buying BTC ,… it’s all going great at the moment!

how I’m going to trade

As you all know: I’m not a daytrader, I’m a long term investor.
-I’m looking at the 7.8K as most important resistance + the resistance level that was created in the last bearish months. I’m still thinking that BTC will stay between 6.8K and 7.8K until at least next week Tuesday, then we should have contact with the resistance level .

-I put my orders at 7250, the first important support if you check the Fibonacci retracement. My second order is at 7.1K. This will be my lowest buy at the moment. If BTC stabilize under 7.1K, then I will buy more. Just in case that prices fall massively and breaks below our very important support at 6.8K.

-My stoploss is at 6.6K, if it goes under the 6.6K, then are we back where we started. Between the 5.5 and that bloody 6.8K level, the momentum will switch to the bears and prices will go down.

Prediction

I’m expecting that BTC will stabilize between the 7.2K and 7.5K for the next day or two, if that would happen, that would be very bullish! That means that the momentum is still going and that the bears are still very weak. Then I expect another big green candle and could we possibly break through our next resistance at 7.8K.


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