Tentative 3x long purchased at $45,760
Reasoning:
4th touch on pink support trendline,
Massive ltf capitulation sell volume,
Very large open interest @ $50,000 strike price for Jan 7th options expiry,
Imbalance of areas to be retested
Recommendation: Long until at least $49,400
Reasoning:
4th touch on pink support trendline,
Massive ltf capitulation sell volume,
Very large open interest @ $50,000 strike price for Jan 7th options expiry,
Imbalance of areas to be retested
Recommendation: Long until at least $49,400
Trade closed manually:
Position closed at $46,400. Price action remains weak and I'm seeing some concerning rejections on the low timeframes. Flipped into a short instead.. have a feeling we could be on the verge of a massive dump.
Trade active:
Longed support again at 45.7k. I'm only playing this for a small bounce. I think this will be the last move up before a major crash. If support gets broken we are going down hard. 37k minimum. Possibly 35k or 33k.
Comment:
We've reached 40k. Massive support. Seeing massive accumulation and we might bounce soon but, I still think we will test 38k before we are fully ready, or 35k as a worst case scenario.