$BTC today‼️
A fierce battle by the bulls for a 10% profit has been playing out around the $82,800 level. For the first time in a long while, I took an 8% profit instead of waiting for my standard 10% exit. Caution and keeping greed in check often save one's trading capital from sharp drawdowns.
Bullish fear is keeping the Bitcoin price within the bounds of a rough downtrend channel. Note the previous similar trading channel: consolidation within the pattern lasted 15 days, followed by a price breakout to new local highs.
I plan to attempt a long trade from the $82,800 level; this same support line also serves as a promising entry point for a short trade should PCE data come in poor.
ETF inflows are acting as positive triggers for the price.
While inflows into BTC ETFs continue, the retail investor demand that accompanied BTC's rise from the $65,000 mark has vanished. Over the past 30 days, its share has dropped from over 17% to -3.5%.
At the same time, DXY figures are a concern for me. The dollar continues to strengthen against major currencies, with the index hitting a 1.5-year high amid expectations of a Fed rate hike.
Let's keep this data in focus and trade both directions. Not financial advice.
Wishing everyone profits💰💪
A fierce battle by the bulls for a 10% profit has been playing out around the $82,800 level. For the first time in a long while, I took an 8% profit instead of waiting for my standard 10% exit. Caution and keeping greed in check often save one's trading capital from sharp drawdowns.
Bullish fear is keeping the Bitcoin price within the bounds of a rough downtrend channel. Note the previous similar trading channel: consolidation within the pattern lasted 15 days, followed by a price breakout to new local highs.
I plan to attempt a long trade from the $82,800 level; this same support line also serves as a promising entry point for a short trade should PCE data come in poor.
ETF inflows are acting as positive triggers for the price.
While inflows into BTC ETFs continue, the retail investor demand that accompanied BTC's rise from the $65,000 mark has vanished. Over the past 30 days, its share has dropped from over 17% to -3.5%.
At the same time, DXY figures are a concern for me. The dollar continues to strengthen against major currencies, with the index hitting a 1.5-year high amid expectations of a Fed rate hike.
Let's keep this data in focus and trade both directions. Not financial advice.
Wishing everyone profits💰💪
