BTCUSD bulltrap idea
Current short term situation looks like the bear flag has been invalidated. With a 1D close above and test of the top trend, it is a safe bet that BTC is going to take another leg up to 71XX or possibly even extend to 78XX. Alts should follow as long as BTC doesn't move too fast. However, we are still in a bear market so we must remain cautious.
If my theory is correct, this will be a fake out to trap longs. Twitter sentiment has turned bullish, many people seem to believe the bottom is in so its possible this is just a bog. Not to mention we have the shorts that can fuel it, shorts closing will be another good psychological trap.
Fake out to -> drop will be invalidated if BTC climbs above the top trend at 78XX and confirms support.
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My position;
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Entry : $6759 ( and below )
Target 1 : $7074
Target 2 : $7747
Stoploss : $6647 ( Also suggested to trail with stop loss once the move has begun )
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This is not financial advice, I am not your financial adviser. This is explicitly my own opinion and should not be treated otherwise.
If my theory is correct, this will be a fake out to trap longs. Twitter sentiment has turned bullish, many people seem to believe the bottom is in so its possible this is just a bog. Not to mention we have the shorts that can fuel it, shorts closing will be another good psychological trap.
Fake out to -> drop will be invalidated if BTC climbs above the top trend at 78XX and confirms support.
----------------------------
My position;
----------------------------
Entry : $6759 ( and below )
Target 1 : $7074
Target 2 : $7747
Stoploss : $6647 ( Also suggested to trail with stop loss once the move has begun )
----------------------------
This is not financial advice, I am not your financial adviser. This is explicitly my own opinion and should not be treated otherwise.
註釋
Target 1 reached, moved stop to $6912註釋
Stop loss lowered to $6774Layering buys from $6900 - $6800
註釋
All buys were filled. Stop loss raised to $7147
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