Hello all,
After calling the Top in Bitcoin & the most recent fall at 47K we introduce you to our next trade setup. We will update as the price action continues.
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Long-Play:
A candle break and close above the falling wedge resistance we will then place a long position targeting the 52K region and beyond. Be cautious of a fakeout at the ~46.5K resistance.
Short Play:
A candle break and close below the 40K key support we will look to place a short position to retest the 30K support. Be cautious of a violent drop followed by heavy buying pressure resulting in a long wick.
After calling the Top in Bitcoin & the most recent fall at 47K we introduce you to our next trade setup. We will update as the price action continues.
--------------------------------------
Long-Play:
A candle break and close above the falling wedge resistance we will then place a long position targeting the 52K region and beyond. Be cautious of a fakeout at the ~46.5K resistance.
Short Play:
A candle break and close below the 40K key support we will look to place a short position to retest the 30K support. Be cautious of a violent drop followed by heavy buying pressure resulting in a long wick.