BTC is exhausted in my opinion. There are no real supports. Volume is fleeting. Fib retracement levels (lol). There is no current market hype. Weekly/Monthly EMA20 isn't healthy. Janet Yellen has taken over the treasury and isn't exactly "pro bitcoin". Profit taking. Mild 2017 fractal.
In favour of bitcoin?
I feel Risk Reward here on a short is optimal for me at 1:2.5 (ish). Position size is fairly small to account for the wide stop, intend to add to the position if we begin closing under 30 & 28k respectively.
In favour of bitcoin?
- People espousing the "USA QE cheques will pump the whole market idea" idea
- Retaking & holding the 34.1k level (will reduce position here)
I feel Risk Reward here on a short is optimal for me at 1:2.5 (ish). Position size is fairly small to account for the wide stop, intend to add to the position if we begin closing under 30 & 28k respectively.
Comment:
Wow, this busted hard! What a pump. Certainly did not expect that. Maybe I should have; this now truly looks like the 2018 fractal. Re-entry at short at 37k, stop at 40.5k. Will add heavily to this on a strong breakdown.