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Bitcoin dropped beautifully as you can see from my last call (check link below). I mentioned that I was expecting BTC to drop to retest the $7050 area. Although Bitcoin didn’t quite drop to my target of $7050, I told you to take some profits of your short positions right before the pump.
HOW DID I KNOW THE PUMP WAS COMING? No, I don’t. However I did notice the 1 hour resistance structure has broken up which happened so close to the 0.618 fib retrace. This means the short-term downward momentum has probably ended. Thus, not a bad idea to secure some profits.
1 hour resistance broke up:
What about stop loss? Once you secured some profits, you can either move your stop loss to break even, or you could leave it at the level you originally set it to, depending on your risk management.
WHAT'S NEXT? The market is, at this stage, too early to determine any mid to long-term move. If you are an investor, you should have bought some Bitcoins already (but not ALL of your cash). If you are a swing trader - please wait for at least another 1-2 weekly candles to close (unfortunately). If you are a scalper, you should focus on shorting as the short term trend is down.
Have questions? Ask me below or in my group!
Last call:
Bitcoin dropped beautifully as you can see from my last call (check link below). I mentioned that I was expecting BTC to drop to retest the $7050 area. Although Bitcoin didn’t quite drop to my target of $7050, I told you to take some profits of your short positions right before the pump.
HOW DID I KNOW THE PUMP WAS COMING? No, I don’t. However I did notice the 1 hour resistance structure has broken up which happened so close to the 0.618 fib retrace. This means the short-term downward momentum has probably ended. Thus, not a bad idea to secure some profits.
1 hour resistance broke up:
What about stop loss? Once you secured some profits, you can either move your stop loss to break even, or you could leave it at the level you originally set it to, depending on your risk management.
WHAT'S NEXT? The market is, at this stage, too early to determine any mid to long-term move. If you are an investor, you should have bought some Bitcoins already (but not ALL of your cash). If you are a swing trader - please wait for at least another 1-2 weekly candles to close (unfortunately). If you are a scalper, you should focus on shorting as the short term trend is down.
Have questions? Ask me below or in my group!
Last call:
