$BTC is holding the important 63.9K level.
This is an important level because it's the 50% of the previous weekly candle, which are strong levels.
Holding or losing this level could indicate momentum for the rest of the week.
Those who follow me know we added shorts at the 65.4K sweep, and they profited nicely already.
For trades today, there are two scenario's I'm watching.
If Bitcoin holds 63.9K and bounces back to the highs, I don't want to hold on to my shorts so I'll be stopped BE.
Good chance price goes for the 65.5K PWH when we bounce from here, I'd rather scale-in a new short after the trigger than holding into a loss there.
If we lose the 63.9K level and take out the 63.2K low, I'm willing to look for a hedge-long.
The long will be approached as a trade to hedge my short-exposure.
If we dump through the PWL and possibly lower, I'm just letting the shorts do the heavy lifting this week.
Remember it's CPI tomorrow, so manage risk and positions accordingly.
DYOR
$BTC
This is an important level because it's the 50% of the previous weekly candle, which are strong levels.
Holding or losing this level could indicate momentum for the rest of the week.
Those who follow me know we added shorts at the 65.4K sweep, and they profited nicely already.
For trades today, there are two scenario's I'm watching.
If Bitcoin holds 63.9K and bounces back to the highs, I don't want to hold on to my shorts so I'll be stopped BE.
Good chance price goes for the 65.5K PWH when we bounce from here, I'd rather scale-in a new short after the trigger than holding into a loss there.
If we lose the 63.9K level and take out the 63.2K low, I'm willing to look for a hedge-long.
The long will be approached as a trade to hedge my short-exposure.
If we dump through the PWL and possibly lower, I'm just letting the shorts do the heavy lifting this week.
Remember it's CPI tomorrow, so manage risk and positions accordingly.
DYOR
$BTC