Bitcoin- Bearish retracement vs Bullish reversal? Answer inside
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Short-term perspective- Derivative exchanges such as Bitmex and Okex (Both have high trading volume and oI) seem to be betting against bulls at this moment. Even though buying pressure was fierce yesterday at Bitmex, it was not able to break through major sell walls. More likely, we will see the BTC price retraces below 9k once the price reaches 9.2k-9.3k because the volume is on the slow decline as the price went up.
I would continue to buy on the dip up to 8.7k lvl as long as there is no violent price rejection at 9.2k-9.3k lvl. Of course, being cognizant of the fact that BTC could very likely be in the bearish retracement phase, keep the positional size small, stop loss tight and take profit aggressively.
Mid-term perspective- Strong technical confluence and sell walls are located around 9.5k-9.7k lvl. Even if bulls can blast through 9.3k, I see bears step in and potentially end this bearish retracement. Good time to flip short at 9.5k- 9.7k lvl.
If bulls can convincingly break through 9.8k lvl and find the support at the price lvl, then we can safely assume this little correction is over.
No matter what your directional bias is, I would definitely keep buy orders between 7.8k-8k range as I still believe that is the price lvl where bullish reversal/bottom for this correction will take place.
Until next time, happy trading
I would really appreciate it if you can like my post and follow me if you find my post useful :)
Short-term perspective- Derivative exchanges such as Bitmex and Okex (Both have high trading volume and oI) seem to be betting against bulls at this moment. Even though buying pressure was fierce yesterday at Bitmex, it was not able to break through major sell walls. More likely, we will see the BTC price retraces below 9k once the price reaches 9.2k-9.3k because the volume is on the slow decline as the price went up.
I would continue to buy on the dip up to 8.7k lvl as long as there is no violent price rejection at 9.2k-9.3k lvl. Of course, being cognizant of the fact that BTC could very likely be in the bearish retracement phase, keep the positional size small, stop loss tight and take profit aggressively.
Mid-term perspective- Strong technical confluence and sell walls are located around 9.5k-9.7k lvl. Even if bulls can blast through 9.3k, I see bears step in and potentially end this bearish retracement. Good time to flip short at 9.5k- 9.7k lvl.
If bulls can convincingly break through 9.8k lvl and find the support at the price lvl, then we can safely assume this little correction is over.
No matter what your directional bias is, I would definitely keep buy orders between 7.8k-8k range as I still believe that is the price lvl where bullish reversal/bottom for this correction will take place.
Until next time, happy trading
Comment:
Everything goes according to the plan!
Comment:
Got stopped out at 8.6k. Proceeded to the 7.8k-8k plan