Weekly time frame already showed exhaustion amongst the bulls. Hence, we will likely see a pull back to $6700 in the nearest future. But before then, with this channel of mine, what if BTC goes up from here to the upper boundary of the channel
I posted this set up yesterday and we are currently nailing the short position to the T.
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We totally nailed the long position from $8802 region!!!
I think BTC would find it really hard to break this zone. I took a short position around the top and I would be glad to
change this intra-day position to a swing if need be.
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One of the simplest rule to be a successful trader is “NEVER SELL SUPPORT”
This particular setup is quite bearish on the higher timeframes. However, as a day-trader, shorting this zone is basically dashing out money to your fellow traders. I would rather long this set up for a 3-5% upside move in BITCOIN.