BTC formed a rather vague asymmetrical triangle last night, which sometimes identifies the mid point of a large market move. If true, a 100% fib extension will take us to approx. 40-41k, with the potential to hit 38k. Do not FOMO into a short with the expectation that we will have a violent move like yesterday, as it is more likely to wind down to those levels more gently. As such, wait for a pullback to the 46-47k levels with stops at or above 47.5k.
If you miss the short it is okay, we're still in a bull-run anyway!
We should start to prepare for support at or around 41k, where we can load up with altcoins and look for a long entry into BTC for the push higher.
If you miss the short it is okay, we're still in a bull-run anyway!
We should start to prepare for support at or around 41k, where we can load up with altcoins and look for a long entry into BTC for the push higher.
Trade active:
Please use this trade idea in conjunction with my previous post "BTC: 2 Week Potential Price Path", that I wrote before the sell-off, that shows a retracement up to the 48.3k level before heading to the 41k range
Trade active:
I am amending my target price for this short to 44k, in anticipation of a rally to 48.3k before the final leg down to 41k. However, I will move the target price back to 41k if we hit 48.3k before 44k.
("BTC: 2 Week Potential Price Path")
("BTC: 2 Week Potential Price Path")
Trade closed: target reached:
Target amended to 44k