At this point, we have 2 options for Bitcoin. Either it's forming a bear flag or it's heading towards the black trend line on the top. Here's possible entry points for long or short positions.
Long Entries: 1) Above 10,400 2) 10,300-10,350 range 3) 10,150-10,200 range (Stop-loss: 10,000)
Since I believe Bitcoin is unlikely to form a bear flag but rather will test 11,500 at least, I chose my short entries accordingly. I consider any short entry around 11,000 to be risky since after 11,000, any considerable resistance doesn't appear up to 11,500. There is the possibility that Bitcoin may just break through 11,000 easily. I think Bakkt futures news created enough momentum to do so. Entry points for short position are given below.
Short Entries: 1) 11,450-11,475 range 2) 11,540-11,640 range 3) 11,750-11,800 range (Stop-loss: 12,000)
Good luck on your trades!
Utku
Long Entries: 1) Above 10,400 2) 10,300-10,350 range 3) 10,150-10,200 range (Stop-loss: 10,000)
Since I believe Bitcoin is unlikely to form a bear flag but rather will test 11,500 at least, I chose my short entries accordingly. I consider any short entry around 11,000 to be risky since after 11,000, any considerable resistance doesn't appear up to 11,500. There is the possibility that Bitcoin may just break through 11,000 easily. I think Bakkt futures news created enough momentum to do so. Entry points for short position are given below.
Short Entries: 1) 11,450-11,475 range 2) 11,540-11,640 range 3) 11,750-11,800 range (Stop-loss: 12,000)
Good luck on your trades!
Utku
Comment:
10,525-10,550 can also be considered as entry point for long position. I will wait for bullish RSI divergence on 5 minute chart and 1H RSI to be betweeen 35-40.
Comment:
All the long orders are filled. Daily support at 10,025 which is also the last prominent support before 9Ks seems to hold strong. Depending on the upcoming price action, I may update the target and exit prices.