A look at the hourly chart shows that the rally from the past few days has started to meet some resistance. This coincides with the downtrend line and previous points of resistance around 11800. I'm very bullish on the future of BTC , however after posting so many daily green candles and running into resistance a quick short position must be considered. We also have the Bitcoin shorts up ~13% today. (www.tradingview.com/chart/LrvOGy...)
The strategy would be to short something in the 11800 region and look to start taking profit at the short term uptrend line ~11300 and keeping something on the table in case of a dip to test 11k for support. Stop should be set above the trend line around 11900-12000.
11k turning to support would be a strong indiction that we are starting a new macro up trend that I would expect to take us to 16k-20k.
The strategy would be to short something in the 11800 region and look to start taking profit at the short term uptrend line ~11300 and keeping something on the table in case of a dip to test 11k for support. Stop should be set above the trend line around 11900-12000.
11k turning to support would be a strong indiction that we are starting a new macro up trend that I would expect to take us to 16k-20k.
Comment:
Hit my target around 13000 at the short term trend line pretty perfectly. Locked in a solid ~5%.
I closed at ~3% profit last night before the quick pop to ~12300 would have taken out the stops.
Lets see if 11600-11800 holds as support. If so we will surly push higher.