ridethepig | BTC Market Commentary 2020.10.21

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
πŸ“Œ What have we got in play here?

On the news flow Paypal does matter but it was expected and is done at the right time if you ask me. I mean the retrace here will be healthy, to trap the late buyers who are unaware thinking its non-stop-moon while also opening an attack on the previous breakout traders at $11,500.

A positional play. Sellers can now work on the profit taking and arrive on the support for nothing less than a retest. The long term view remains intact but it is also extremely obvious that we are set for another flush before the elections.

Comment: A quick update here after we overshot the highs:
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Nice potential downside correction. πŸ»β€β„οΈπŸ™πŸ˜ŠπŸ˜ƒ
Nice idea!
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