Don't FOMO into BUYING BTC right now!

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Don't FOMO in right now! We have had a clear break of this neckline at this 8.9-9k area. Now BTC is coming back up to this RESISTANCE POINT and should move down again. Even though MACD is crossing up on this 6hr and 4 hr keep in mind they are both in NEGATIVE territory. MACD on the Daily has crossed DOWN. The weekly is still moving DOWN.

The way I trade is looking for something I don't have to stress about and has a really high probability of bouncing at least 10-15% for a SWING play. Which is why I like the 7k area, if it hits there it should bounce to 8k or maybe higher.

Here are some higher risk trades you can look for:
SHORT at 8.9k-9k for a move down to 8k. (I will not be shorting it with the conference thing coming up next week)
BUY at 8k for a bounce to 8.4k

Things to be mindful of:
IF we break above 9k SIGNIFICANTLY, we will want to watch for a further move up.
IF we go sideways from here OR start moving down, it's just a matter of it continuing.

Happy Trading,

-Sherem

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Well BTC dashed any hopes of an ascending triangle formation very quickly with this last move down. I will NOT be taking the high risk trade at 8k i mentioned, if it goes there it could happen while I sleep and since it's higher risk, I don't want to have to deal with it! Plus if we break 8300, a continuation move of the distance of the channel is likely, so we could go to 7800.

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For anyone just coming here, my target is 7k, here is my other idea where I started targetting that area -

SO many SPOT on calls it will make your mind explode. BTC

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Really interesting price movement this morning... It's hard to say whether this is sustained buying like some fund, or short squeeze.

I really don't like playing a breakout call with this type of whip saw price action, but if it does break up, we want to wait for confirmation of a breakout of this neckline. CRITICAL we wait for confirmation. We have a trendline, resistance point and these recent highs all converging right here. Plus with the whip saw action we don't want to get ahead of ourselves.