Resistance became support!
I had orders at 272 and 273 which I picked off the +OB on the 4HR, Hadn't been able to check this chart so I missed the previous resistance level... I should write that stuff down since I'm on mobile mostly.
Got filled on those orders but I didn't like the reaction off the OB. So I closed for a tiny profit.
We ran up to 280, the last -OB before the dump to 270. I was just sitting on the sidelines watching and practicing on being patient.
I was not expecting us to break through right away, first we needed to shake some long. As expected we dumped and took out the previous lows. I was trying to be cheap here as I noticed longs being squeezed and expected 268. It never hit but my original order would have at 269, stick to the gameplan...
Still got filled on half my order and we took off from there. This stophunt had a nice reaction which gave me confidence in my play.
In the future I will work on adding to my position when a situation like this occurs.
We are still two weeks away from the auction. I'm still expecting higher prices, 305 is a solid first target. Keep in mind that everybody is conditioned for BTC to fail at 300$. In my opinion it's just a matter of when we break it. When we do expect an amazing short squeeze.
I would expect a run up where most people think this is it. Then fail to kill all the FOMO longs. Next we hold a previously established support level, pump a couple of times, fake signs of weakness until shorts have been build. Absorb the selling, get people tired and off their guard. Time it with a major market collapse and the true moon will be upon us lol.
Limit risk, stay patient, happy trading!
I had orders at 272 and 273 which I picked off the +OB on the 4HR, Hadn't been able to check this chart so I missed the previous resistance level... I should write that stuff down since I'm on mobile mostly.
Got filled on those orders but I didn't like the reaction off the OB. So I closed for a tiny profit.
We ran up to 280, the last -OB before the dump to 270. I was just sitting on the sidelines watching and practicing on being patient.
I was not expecting us to break through right away, first we needed to shake some long. As expected we dumped and took out the previous lows. I was trying to be cheap here as I noticed longs being squeezed and expected 268. It never hit but my original order would have at 269, stick to the gameplan...
Still got filled on half my order and we took off from there. This stophunt had a nice reaction which gave me confidence in my play.
In the future I will work on adding to my position when a situation like this occurs.
We are still two weeks away from the auction. I'm still expecting higher prices, 305 is a solid first target. Keep in mind that everybody is conditioned for BTC to fail at 300$. In my opinion it's just a matter of when we break it. When we do expect an amazing short squeeze.
I would expect a run up where most people think this is it. Then fail to kill all the FOMO longs. Next we hold a previously established support level, pump a couple of times, fake signs of weakness until shorts have been build. Absorb the selling, get people tired and off their guard. Time it with a major market collapse and the true moon will be upon us lol.
Limit risk, stay patient, happy trading!