Crossroads for BTC!
BTC Update
Bitcoin is at a crossroads my friends, ignoring bearish divergences and distribution patterns. BTC is nevertheless trading below its 8930 to 9060 liquidity zone.
The daily technical situation, 4h and 1h remains positive but overbought.
What can be done?
It is definitely too late now to open a long position, from a risk management point of view. Indeed, even if Bitcoin were to pump today, there is no buying zone offering a viable risk-return ratio.
As the situation is still heavily overbought, the likelihood of a correction becomes more and more important and that's why it will be necessary to pay attention to the daily closing.
If Bitcoin closes above 9060, a long position will be initiated on pullback. In the case of a rejection we will evaluate the possibility of going short after the close.
For now, no swing positions but rather intraday positions with risk control for you guys!
A very good Friday to all! 😘😉
Bitcoin is at a crossroads my friends, ignoring bearish divergences and distribution patterns. BTC is nevertheless trading below its 8930 to 9060 liquidity zone.
The daily technical situation, 4h and 1h remains positive but overbought.
What can be done?
It is definitely too late now to open a long position, from a risk management point of view. Indeed, even if Bitcoin were to pump today, there is no buying zone offering a viable risk-return ratio.
As the situation is still heavily overbought, the likelihood of a correction becomes more and more important and that's why it will be necessary to pay attention to the daily closing.
If Bitcoin closes above 9060, a long position will be initiated on pullback. In the case of a rejection we will evaluate the possibility of going short after the close.
For now, no swing positions but rather intraday positions with risk control for you guys!
A very good Friday to all! 😘😉
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