Update on BTC Long
As I shared in my previous post on Bitcoin, I think Bitcoin as re-entered into a bull market due to the change in trend and bullish characteristics the market has been showing us lately. However, relooking at my analysis I have realized that I may have entered to early on my long and have exited all my positions as I believe we are still going to see a short-term pullback before price really starts to ramp to the upside.
I've exited because I saw price started to create the 31053.58 level as resistance and has rejected it, giving us an indication that we could see a short-term pullback.
Looking to re-enter my buys for Bitcoin at the 29224.04 level if the market holds this level as support. If not, I will wait for the market to give some sort of a lower high before getting in. If you are currently holding longs manage your risk and just be wary as I think it's still too early to hold a long yet.
I will change my stance on Bitcoin being bullish once price reaches my invalidation level at the previous lower high. My target for 48K still remains the same.
TP - 48244.37
Invalidation - 24786.67
I've exited because I saw price started to create the 31053.58 level as resistance and has rejected it, giving us an indication that we could see a short-term pullback.
Looking to re-enter my buys for Bitcoin at the 29224.04 level if the market holds this level as support. If not, I will wait for the market to give some sort of a lower high before getting in. If you are currently holding longs manage your risk and just be wary as I think it's still too early to hold a long yet.
I will change my stance on Bitcoin being bullish once price reaches my invalidation level at the previous lower high. My target for 48K still remains the same.
TP - 48244.37
Invalidation - 24786.67
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