If you switch from candles to a line chart you will see that BTC has already broken support and is on the touch-back of the green support line. If it fails to break above then watch-out below!!! I have been lightening up my long position for small gains and I'm ready to trim off the last bit at any sign that we are going to bounce off of the bottom of the green trend line.
My plan would then be to go long again at lower prices as I do not short anything.....
My plan would then be to go long again at lower prices as I do not short anything.....
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If you go back to a 15 minute candle chart you can see we have bounced off the green trend line 4 times already. Will it hold or break? I don't know but I took off a little bit more on the last bound over $7,400.
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When I say "bounced off" I mean from the bottom.
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Taking off a little more around $7,550....
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Note: We never hit $7,550. I took of my last longs under $7,500 before the current decline. Now I'm waiting for the next long opportunity...