If the price moves to a new high, this analysis would be invalidated.
As mentioned in my last idea, I have already exited the market.
Resistance: $42,000, $40,112
Support: $20,000, $6000
On the lower timeframe, I may look for a long trade only if the price exceeds the dotted red line at $40,112.
My intention is to wait and stay flat. If my analysis proves me right, I will short this on the way down. I tend to use my bigger picture analysis to trade the lower timeframes.
What I did yesterday was essentially a risk-management operation because I understood what the stakes were.
Please do your own analysis, responsibly manage your risk, and stay safe.
Thanks for hitting the like button!
I am currently not in a trade and I do not believe it is a good idea to open new shorts at the current price level.