Bitcoin ($BTC) - Hoping for a Short-Term Rollover

Bitcoin bounced from the daily demand (76874.75-74306.67) that was highlighted in my "Bitcoin Uptrend Continuation" post from 5 days ago (see related post below). However, the rubber will now meet the road as could break higher or continue lower from current price. The in-play 1D sell zone, which is admittedly doesn't have great structure, is 86267.86-92920.42. Ideally, short-term momentum, per the RSI, would be weaker than it is, but momentum is still soft per the daily oscillator. I'm not looking to short BTC blindly, but rather am stalking it via LTFs and will execute a confirmation short if evidence of the near-term uptrend (established 3/10) violation/termination materializes. If the intermediate-term downtrend continues, T2 = sub-$70K.

Anyway, just an idea. For those looking for longer-term buying opportunities, a near-term selloff should be viewed as a positive. Futures open in ~5 hours and can always be used to hedge longs if we get a breakdown.

Thanks for reading. Thoughts/feedback appreciated!

Jon
JHartCharts

註釋

Keeping tabs on and other cryptos. Could be beginning to roll over...

註釋

As expected, seeing a rally in $BTC. Will be watching its price action as it enters 86781.85-92920.42. If weekly momentum picks up meaningfully, idea may be invalidated.

交易進行

tagged daily supply (86781.85-92920.42) and is seeing selling. If it can't hold 81187.11, we could well see the hoped-for prints < 76642.19.

註釋

Here. We. Go.

註釋

Trade aging like a fine wine. Can always trail stops, but stick with shorts. No reason we shouldn't see more downside. Targets ultimately ~70K (or even lower). We'll see.