BTC has to break below 80K!!! After a sharp drop from the highs 📉, it made a V-shaped reversal and rallied, then started ranging. ETH, are you trying to wipe out retail traders? You’re practically handing me money 🤑
We’ve been publicly calling this drop for a whole week, so everyone had already seen it coming. That’s why I think it was pretty easy to take 300 points of profit on our 2,736 short. Isn’t that how trend trading works—you make enough profit from one trade?
We had already anticipated this drop from 2,720 to 2,400 quite a while ago. But it was somewhat unexpected that the market would rebound over the past couple of days after the drop. Ethereum had become oversold. As you can see, Bitcoin fell by about 8%, while Ethereum fell by 14%.
That extra 6% drop was the oversold portion. So opening a long position on Ethereum down here offers pretty good risk-reward. That’s why I suggested last night that everyone go long around 2,420. The position is now up about 120 points.
For Bitcoin, I’d recommend looking to short near the highs, around 84,300 to 85,500. You can open short positions anywhere in that upper range. But I don’t recommend going long before it breaks below 80K, because the 80K level is almost certain to break.
We’ve been publicly calling this drop for a whole week, so everyone had already seen it coming. That’s why I think it was pretty easy to take 300 points of profit on our 2,736 short. Isn’t that how trend trading works—you make enough profit from one trade?
We had already anticipated this drop from 2,720 to 2,400 quite a while ago. But it was somewhat unexpected that the market would rebound over the past couple of days after the drop. Ethereum had become oversold. As you can see, Bitcoin fell by about 8%, while Ethereum fell by 14%.
That extra 6% drop was the oversold portion. So opening a long position on Ethereum down here offers pretty good risk-reward. That’s why I suggested last night that everyone go long around 2,420. The position is now up about 120 points.
For Bitcoin, I’d recommend looking to short near the highs, around 84,300 to 85,500. You can open short positions anywhere in that upper range. But I don’t recommend going long before it breaks below 80K, because the 80K level is almost certain to break.