This channel had 9 taps ( circled in white ) in total and play a very significant role. We are just a few hundred away from the bottom channel support of 34.9k. Expected to be tapped soon and it is gonna be a make-or-break time for BTC and everything else. DXY is also at its peak resistance of 104 as mentioned in my previous idea.
Short opportunities will be present if we fail to hold the support and see a candle close below the 35k support on daily basis. The next Support would be around 32k or tapping the 30k most people have been mentioning since the beginning of the year (things are unlikely to happen when everyone expects them to happen). I have started to have a short Bias for BTC and the whole Crypto market since the break of 37k support as I mentioned in my previous idea post.
However, I do not have an open position since there's too much volatility (since the FOMC on 4th May) which would eat up SLs in both directions unless I decide to have a very large SL. This then would provide a very poor Risk-Reward Ratio. It is all about the patience game now.
I will only shift my bias to Long once we manage to break the 37k resistance atm.
Short opportunities will be present if we fail to hold the support and see a candle close below the 35k support on daily basis. The next Support would be around 32k or tapping the 30k most people have been mentioning since the beginning of the year (things are unlikely to happen when everyone expects them to happen). I have started to have a short Bias for BTC and the whole Crypto market since the break of 37k support as I mentioned in my previous idea post.
However, I do not have an open position since there's too much volatility (since the FOMC on 4th May) which would eat up SLs in both directions unless I decide to have a very large SL. This then would provide a very poor Risk-Reward Ratio. It is all about the patience game now.
I will only shift my bias to Long once we manage to break the 37k resistance atm.
Comment:
So we closed below 35k as I mentioned, we even closed lower than the previous low and formed a Lower Low. This is a very bad sign for the market and I am looking for short opportunities now.
Trade closed: target reached