Key Notes for Bitcoin

1月25日

It's like crazy as we know the last few days of the market environment which is obviously not good for BTC. The way the market is looking right now however is pretty horrible. Together with the Grayscale's FUD which they keep selling BTC to the market somehow is killing this market slowly.

Therefore, I give you these key notes as guidance for the next BTC movement :

1. There is consolidation range currently is forming between $44454 and $40270 with the middle level is located at $42362

2. Price is temporarily breaking down below the $40270 as the range low. As long as the price can't reclaim above this broken support there is risk for further downside movement.

3. There is the bull market support band on the weekly time frame which is becoming the main idea that has been driving the price over time since a long time ago. Currently the Bull market support band is now having an alignment with the .382 Fib level from the whole swing structure from $15466 to $48993.

4. Not it's all on bearish side as of now. In fact, the price is now trending at the extremely oversold level after 21% drop from the peak of prior impulse structure located at $48993. With current amount of the short sellers coming into the market, there is also possibility of the relief rally on the short term. The liquidity gap / fair value gap located at around $45000 is becoming the hottest spot as of now as it has an alignment with the golden ratio level.

There are all some of the notes you need to consider just before you jump into any trade. In my opinion, opening a short position at current structure is not worth at all due to the fact that the price has been dropping for more than 21% from the peak.

Entering short position at this rate is also not good because the room to move to the downside is way smaller than entering long position.

Entering long (buy) position is way safer in term of the risk management idea because there is still huge room to gain to the upside. And also, there is still another pushing factor which is the fair value gap located at the upside which hasn't been closed.

My personal position is at the long (buy) side as of now which I've been opening since the price was at $38700 and of course, I still have majority capital as back up to accumulate more (if necessary) if the price drops even more in the future.

Based on my perspective and calculation, the long(buy) position is in a very good favor and I see the possibility of 'discount' in current price.

But once again, I only share my thought here and this post is not the recommendation to enter any position as you know I'm not your financial advisor. So that it's important to understand that you must Do your own research before jump in any position.

All risk is at yours