Position: Bearish. Waiting for a buying opportunity.
My last call was pretty spot on in terms of where we called the top. I left some of the lines on here so you can see my last call with some adjustments. It shouldn't be a surprise that BTC is coming off of this 12k mark.
Reason for my bearish stance: In order for BTC to break up at this point, it has to go back up through a resistance point at 11k, a trendline and MAJOR resistance points at 12-13k. Can it do it? Sure. Do I think it's going to? Eh, not really.
My status right now is I am waiting for a good entry point. We have 2 critical points to watch. 10k and 11k-12k range. Depending on what it does here will dictate how quick this moves down. Need a confirm break of 10k for it to move further. Would need a really solid move up to break this 12-13k resistance point. I would be more convinced that this would break up if we got one more test of the 6k lows, and we made a HIGHER low. But the last time we started down in this channel, we made a lower low, which can be concerning and tends to have me think there can potentially be more downward pressure.
How am I going to enter to buy? With a martingale strategy of course! With these price moves, we can reduce our risk in our portfolio by doing so. First point is either 9k or 8k depending on what you want to do. The potential downside is 3.5k-5k. place your buys accordingly and be wary!
We'll see what it does here! pick your points, don't stress and don't use leverage!
-Sherem
Check out my last call for more specifics on why I called that top -
My last call was pretty spot on in terms of where we called the top. I left some of the lines on here so you can see my last call with some adjustments. It shouldn't be a surprise that BTC is coming off of this 12k mark.
Reason for my bearish stance: In order for BTC to break up at this point, it has to go back up through a resistance point at 11k, a trendline and MAJOR resistance points at 12-13k. Can it do it? Sure. Do I think it's going to? Eh, not really.
My status right now is I am waiting for a good entry point. We have 2 critical points to watch. 10k and 11k-12k range. Depending on what it does here will dictate how quick this moves down. Need a confirm break of 10k for it to move further. Would need a really solid move up to break this 12-13k resistance point. I would be more convinced that this would break up if we got one more test of the 6k lows, and we made a HIGHER low. But the last time we started down in this channel, we made a lower low, which can be concerning and tends to have me think there can potentially be more downward pressure.
How am I going to enter to buy? With a martingale strategy of course! With these price moves, we can reduce our risk in our portfolio by doing so. First point is either 9k or 8k depending on what you want to do. The potential downside is 3.5k-5k. place your buys accordingly and be wary!
We'll see what it does here! pick your points, don't stress and don't use leverage!
-Sherem
Check out my last call for more specifics on why I called that top -
