Short position: The 83,300 order has been placed. Stop-loss at 84,500, target at 81,300.
The short order at 83,300 that I placed this afternoon has now been filled as Bitcoin rose. After the fill, it briefly climbed to around 83,500, and has now returned to around 83,300.
I explained this afternoon why I’m shorting here: the area between 83,300 and 84,000 is a thick resistance zone, with many trapped holders. Last week, Bitcoin tested 84,000 four times and was pushed back four times. The people who bought in around that area have been waiting to break even. As the price gets close, selling pressure starts to emerge.
Today’s move was the same: it reached 83,500, couldn’t push higher, and started forming an upper wick.
There are two levels to watch next.
First, 84,000 above. As long as the price can’t break through and hold above it, I’ll keep this position open and wait for it to fall back to the lower edge of the channel at 81,300.
If it does break through 84,000 on strong volume and hold above it, that means the trapped supply has been cleared. I’ll exit at the 84,500 stop-loss—no stubbornly holding on.
The order is already in. I’ll let the price take it from here. #btc $BTC
The short order at 83,300 that I placed this afternoon has now been filled as Bitcoin rose. After the fill, it briefly climbed to around 83,500, and has now returned to around 83,300.
I explained this afternoon why I’m shorting here: the area between 83,300 and 84,000 is a thick resistance zone, with many trapped holders. Last week, Bitcoin tested 84,000 four times and was pushed back four times. The people who bought in around that area have been waiting to break even. As the price gets close, selling pressure starts to emerge.
Today’s move was the same: it reached 83,500, couldn’t push higher, and started forming an upper wick.
There are two levels to watch next.
First, 84,000 above. As long as the price can’t break through and hold above it, I’ll keep this position open and wait for it to fall back to the lower edge of the channel at 81,300.
If it does break through 84,000 on strong volume and hold above it, that means the trapped supply has been cleared. I’ll exit at the 84,500 stop-loss—no stubbornly holding on.
The order is already in. I’ll let the price take it from here. #btc $BTC