Btc: Does bulls really have won?
Well not exactly, it's the 4th time that we get massively rejected on the top of the , this means that bulls are far from winning at the current moment, in fact now bears could get an advantage.. Why?
- Over 300$ rejection after hitting the top;
- Oversold on ;
- Really big sell pressure;
- Top of the working has a Resistance;
- Didn't manage to break MA200 yet;
So does this means we are going down then?
Well that's the hard part to anwser, we got last night a re-test on the 7 760 - 7 850 if bulls manage to hold over the day, we can still have hope of a break before the end of january.
If not, then 7 270 - 7 460 will be next area to be re-tested and probably quickly too.
But there are still good news, if we zoom in a little we can see that we broke an important triangle, this means that a re-test at 7 760 - 7 850 is normal and from here a re-test of 8 500 would make sense.
How to play in this situation?
My personal bias currently is , mainly because of my 1W chart (Will show it below) Bitcoin has been on a rise since the beginning and if we look closer bottom should be in at 7 100.
Currently bottom is around 7 270 so i will put longs orders ladder down to there!
Here's my current orders:
Long: 7 270 - 7 330 - 7 480 - 7 550 - 7 760 - 7 850 (Took profits at 8 100 on my 7 950 order)
Sl: 6 950
Short: 8 560 (This one is risky so don't put to much if you try it)
Sl: 8 670
When i ladder i don't use more than x5 - x15 leverage.
So there we go, right now i'm waiting to get a long entry at 7 760 - 7 750 let's get it!!!
If you have questions feel free to ask, or click on the link below you'll be re-directed to my groups.