I am looking for a potential short term trend reversal here. This is due to the weakness of this trend and ties into the last idea. Check the related link for that one.
My ideas are for entertainment purpose only and should not be taken as financial advice.
Happy trading!
Trade closed manually
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Going to bail on this, reasonable bounce from 7100 support. I still believe we will see 6780 support level but now there is a high probability that the market will take out my stop so I am just taking off my risk at this point.
@Protixder, I agree, Check out the related idea on this post.
LadaToLambo
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Weakness of the trend? BTC keeps smashing through levels, barely any pullback and is in strong uptrend. What would you say the weakness is?
SpacemanTrader
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@LadaToLambo, I disagree. What I am seeing is steady rise and not "smashing through levels". There are hints of weakness if you know what to look for and understand the context. I could be wrong but this is what my intuition and experience is telling me and I am willing to bet on it.
Thanks for the comment.
LadaToLambo
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@SpacemanTrader, Thank you for your reply. The only Weakness i can see that would cause a price drop, is the miners capitulating before the halving. But i can see that happening until between 10 to 5 days before halving (so a good 30 days away give or take) Could well pump much higher between then and now. Im also short (7024), but wish i was long, can see 8k getting tested by end of week.
SpacemanTrader
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@LadaToLambo, I am looking to buy, check the related idea that I posted. The context of this idea is reversal of the hourly trend.