As said in our past 2 posts, the major support level for Bitcoin was 55.5-56k.
We clearly broke below that level and it looks like the 4H candle is going to close below it.
To me, this is a clear indication of a trend reversal (for the short term at least), and Bitcoin could be heading lower. The first level that I am looking at is 51k, then the big one is 47-48K.
IMPORTANT : If you are not comfortable holding your positions through this price action, you can simply close all your positions to give you a peace of mind. Then, you get back in whenever you think we get a trend reversal through the upside (wait for a close above 59k for example). Don't hesitate to cut your losses/take profit, and don't trade on emotion, don't HOPE for things to happen, follow your rules and think longer term.
You can also close part of your positions, so that if the market reverses, you still have skin in the game, but if it goes down, the losses won't really hurt you.
Personally, I closed my riskier positions and stayed in my safer ones. I of course gave back profit from the high, but I am grateful for the profit that I made and this is why I don't think twice before closing positions. I simply watch levels, trade around them, and follow my rules. If Bitcoin reverses, I can always get back in.
Please, don't break your rules and never trade on emotions.
Any questions?
Good luck traders
Habib
We clearly broke below that level and it looks like the 4H candle is going to close below it.
To me, this is a clear indication of a trend reversal (for the short term at least), and Bitcoin could be heading lower. The first level that I am looking at is 51k, then the big one is 47-48K.
IMPORTANT : If you are not comfortable holding your positions through this price action, you can simply close all your positions to give you a peace of mind. Then, you get back in whenever you think we get a trend reversal through the upside (wait for a close above 59k for example). Don't hesitate to cut your losses/take profit, and don't trade on emotion, don't HOPE for things to happen, follow your rules and think longer term.
You can also close part of your positions, so that if the market reverses, you still have skin in the game, but if it goes down, the losses won't really hurt you.
Personally, I closed my riskier positions and stayed in my safer ones. I of course gave back profit from the high, but I am grateful for the profit that I made and this is why I don't think twice before closing positions. I simply watch levels, trade around them, and follow my rules. If Bitcoin reverses, I can always get back in.
Please, don't break your rules and never trade on emotions.
Any questions?
Good luck traders
Habib