I'm struggling to see a bull case at the moment (although I know BTC can do it any time), but Im reshorting regularly with caution on small amounts and taking profit where I can, expecting a larger drop.
Once BTC loses some height I can re-enter on spot longs.
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What a difference a couple of days make, we are through another resistance level and heading towards my top of channel @55k.
From previous experience BTC tends to show a heavy run up followed by parabolic move upwards to show the end of a bull cycle. I previously posted a long term goal of 70k to 100k - where I take profit from spot longs, and a break out of this channel would start to show that move happening. I would've liked to have seen bulls take it easy in the lead up but with so much positive sentiment that may not happen. I'm watching Alt season rallies as an indication the market might be entering a level of delusional bull sentiment, although some of my alts (one in particular which was heavily invested - Matic) has already gone up nearly 1000%, so you have to wonder if als season is already close to its end rather than its start.
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Our pitchfork is still providing value as we see bounces and resistance on price action. I only managed to fill one spot long in the end, however the short played out well enough and allowed for some buy in. I had hoped for more of a dip. Should bull case continue, 58k is the next resistance for this TA, which also happens to be previous ATH. I will continue analysis on other ideas on profile now.
It just looks like your talking out of both sides of your...(being polite here) mouth! The main headline was "Short". Your description was "short". Now you are saying go Long?!!! Just post a completely separate new one... and stop going ape-shit over others commenting. The mechanics are... you chose to post. Others are then free to critique it as shite or blazing...shite :)
Wynnsa
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@innocentAccoun35113, I've always been long on spot. you gotta learn to read my man. Just because the post says short doesnt account for timeframes, we've been over this.
innocentAccoun35113
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You've probably been shorting BTCUSD since it hit 10k in May 2020! It's Feb 2021 and BTC is trading near 52k. Now imagine how less risky if instead you'd been consistently trading with the trend (first important rule impressed on every noob that has done some research). You wouldn't have to keep jumping out of losses and putting awful ideas here about being profitable trading against the trend...with absolutely no supportable published TA... just an "expectation" of a drop.
Wynnsa
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@innocentAccoun35113, I'm long on spot, since 2016, and I make great profit. So dont you worry about me. The ideas here Im not scared of posting just because I made a small term loss, and its about 10% of the trades I make. Learn to read before getting butthurt and dont make assumptions just because you are permabull. Next time you comment here have the courage to recommend med term support res since thats the TF I read for short term trades - this is TRADING view after all.
innocentAccoun35113
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@Wynnsa Read btw the lines. Noobs that post about their "feelings" in financial markets without any TA need to shut it. Plain and simple. Sry I hurt your feelings.
Wynnsa
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@innocentAccoun35113, OK bud. Tell you what, why dont you post a chart since your profile says you haven’t posted a single one on TV. Once you have posted your TA come back here and we’ll take a look. Until then don’t get angry just because people have ideas that don’t fit your narrative, and dont walk around talking about TA when you dont have anything to show for yourself. Some advice for you, since were apparently dishing it out unsolicited; diversify a bit, pick up some long term stock picks. You wont feel so personally attacked when someone suggests BTC might have a temporary reversal.
Wynnsa
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BTC bulls surprised by pushing higher, so were now looking at 55 as next key resistance. It should be noted that long term BTC target is 75k - 85k for spot longs. It was hoped that a pull back would give bulls some foundation to push from but it seems we may start to drive towards a local top far sooner. Too much momentum too quickly is the hard way for bulls to move forward long term.
The main headline was "Short". Your description was "short".
Now you are saying go Long?!!!
Just post a completely separate new one... and stop going ape-shit over others commenting. The mechanics are... you chose to post. Others are then free to critique it as shite or blazing...shite :)