A dead cat bounce for Bitcoin
Market makers pushed price up from 7.2k (see target in my previous tweet). Sellers got exhausted, shorts had to close, which allowed #Bitcoin's price to bounce. Obviously, #G20 news on no-regulation was the catalyst for that, but as always TA could have been played alone.
We found our first resistance around 8.5k but bulls are driving price up since it still doesn't want to retrace lower. I expect a break of that consolidation today.
We should reach 9k-9.2k where I would sell a big portion of my spot coins and where I would close all my longs for a nice +25% profit.
And since I believe we are still in a bear market and this is just the bounce to give hope for the bulls, I will start shorting around the 9.6k-9.9k area with a large stop since I would expect market makers to trigger all the stops at 10k+.
If we break that zone with volume and get stopped out, I will enter another short higher. Will update on that because all depends where the log downtrend line support is when we we reach that 2nd short zone.
We found our first resistance around 8.5k but bulls are driving price up since it still doesn't want to retrace lower. I expect a break of that consolidation today.
We should reach 9k-9.2k where I would sell a big portion of my spot coins and where I would close all my longs for a nice +25% profit.
And since I believe we are still in a bear market and this is just the bounce to give hope for the bulls, I will start shorting around the 9.6k-9.9k area with a large stop since I would expect market makers to trigger all the stops at 10k+.
If we break that zone with volume and get stopped out, I will enter another short higher. Will update on that because all depends where the log downtrend line support is when we we reach that 2nd short zone.
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