✴️ BTC Update
The downside risk was present and so we saw a drop to 6470!
However, the BTC formed a Swing Failure Pattern around its ~6600 support zone and a potential bullish divergence was visible within 4 hours, so I closed the short position around 6680 this morning.
This was just before the BTC pumped almost $300 to trade now around 6900.
What the fuck!?! Exactly, guys, what do we do now?
The technical situation is positive on the 1h and 4h horizon and some signs of bullish curves are visible on the daily horizon.
👉 What to actually do?
1) For the moment Bitcoin is rejected under 6980 and short positions are closed. If prices fail to break this level, it will be an additional sign of bearishness and we will then try to go short on low TF.
2) If however, this level breaks, I will open a short position around 7200 and aim for a return to 6980.
3) A real break, not just a wick, above 7200 and I'll consider opening a long position!
While waiting for more development, stay safe guys!
The downside risk was present and so we saw a drop to 6470!
However, the BTC formed a Swing Failure Pattern around its ~6600 support zone and a potential bullish divergence was visible within 4 hours, so I closed the short position around 6680 this morning.
This was just before the BTC pumped almost $300 to trade now around 6900.
What the fuck!?! Exactly, guys, what do we do now?
The technical situation is positive on the 1h and 4h horizon and some signs of bullish curves are visible on the daily horizon.
👉 What to actually do?
1) For the moment Bitcoin is rejected under 6980 and short positions are closed. If prices fail to break this level, it will be an additional sign of bearishness and we will then try to go short on low TF.
2) If however, this level breaks, I will open a short position around 7200 and aim for a return to 6980.
3) A real break, not just a wick, above 7200 and I'll consider opening a long position!
While waiting for more development, stay safe guys!