Bought a bit of spot at $BTW . This looks like a market maker who’s been operating for the long haul, not the short-term, Christmas-tree-style play we saw before. Most likely, they won’t push it straight up in one go; instead, they’ll keep it choppy, pump it and then dump it back down, and repeatedly harvest futures positions—shaking out weak holders and leverage before making their next move.
We’re right around part of the earlier major players’ cost basis. There’s support below and an incentive to recover higher up, so the risk-reward looks decent. It’s worth taking a shot at a potential rebound, but don’t treat it as confirmation of an uptrend.
Volatility is too high, so trade it like a range-bound market: spot only, no futures; scale in and out, and leave plenty of room for sudden wicks. Swing trading is better than stubbornly holding on. If it rebounds to around 1.5, take some profit first, then decide whether to keep a core position based on volume;
If it truly breaks below the bottom of the cost-basis zone and can’t recover, admit you were wrong and get out. Don’t turn a rebound trade into a stubborn hold. #BTW
We’re right around part of the earlier major players’ cost basis. There’s support below and an incentive to recover higher up, so the risk-reward looks decent. It’s worth taking a shot at a potential rebound, but don’t treat it as confirmation of an uptrend.
Volatility is too high, so trade it like a range-bound market: spot only, no futures; scale in and out, and leave plenty of room for sudden wicks. Swing trading is better than stubbornly holding on. If it rebounds to around 1.5, take some profit first, then decide whether to keep a core position based on volume;
If it truly breaks below the bottom of the cost-basis zone and can’t recover, admit you were wrong and get out. Don’t turn a rebound trade into a stubborn hold. #BTW
