Yesterday I was watching what happened as we were trading at “strong resistance”. I fully expected to see a lower high lead to an eventual breakdown of the trend (green dotted) and triangle (pink solid) support.
After my daily post we got multiple reversal dojis at resistance and that made me feel even more confident in my position. I was surprised to wake up this morning to see Bitcoin still trading above $7,600.
I am currently short Ethereum and was equally surprised when I saw it still trading above $600.
I don’t believe this range can last for another 24 hours and am expecting a move sooner rather than later. It feels like the bulls are getting exhausted without moving the price. If they are unable to push the price past $7,750 soon then we will get the expected drawdown.
If not in a position then this could be a good opportunity to start opening leveraged short and/or selling some spot. I am still watching for a new low below $7,350 and that would be a good confirmation to fully enter.
If we create a new local high above $7,800 then it will be time to reconsider.
Until next time trade happily and remember that likes, comments and follows are good karma!
After my daily post we got multiple reversal dojis at resistance and that made me feel even more confident in my position. I was surprised to wake up this morning to see Bitcoin still trading above $7,600.
I am currently short Ethereum and was equally surprised when I saw it still trading above $600.
I don’t believe this range can last for another 24 hours and am expecting a move sooner rather than later. It feels like the bulls are getting exhausted without moving the price. If they are unable to push the price past $7,750 soon then we will get the expected drawdown.
If not in a position then this could be a good opportunity to start opening leveraged short and/or selling some spot. I am still watching for a new low below $7,350 and that would be a good confirmation to fully enter.
If we create a new local high above $7,800 then it will be time to reconsider.
Until next time trade happily and remember that likes, comments and follows are good karma!
emasar Indicator is available for purchase at alphanalysis.io/product/emasar/