Anyone watching current price action for a sensible potential long entry is looking at 2100 and will likely bid the entire zone if we reach there, meaning it will certainly breakdown. I'll be watching for a swing to the clean lows ~1800 at least, nobody knows when this will end.
With the current situation with the virus, I think this move will definitely be...
Strategy recommends sell/hedge Bitcoin targeting mid range before range low 4900 -> 3600.
It seems this move was to stop out late short positions and allow previously accumulated longs from 6-7k range to exit. Could be wrong, if we move back above 7k deviation idea is ruled out.
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I think it is highly unlikely the yearly low is in. Looking at the weekly chart, we can see the 3-4k range has served as a key has served first as support, then an accumulation range and has been tested for the third time.
From my observation, double/triple bottom patterns are not high probability setups in Bitcoin (or any market for that matter).
Scaling into a 1x short up to marked level. There has been no change in underlying trend or market structure, with global economic and health fears only growing. Pullbacks are for selling in this market.
- No change in daily market structure using swing points as reference
- Price is approaching 2 month accumulation range which led to the recent...