$BTC is precariously poised to pump or dump.

2018年7月23日

BTCUSDT pressure cooker is getting ready to go either way. There seems to be a good argument for both bulls and bears right now. Bearish case: 1d chart shows we are overbought, hitting a major resistance level i.e. testing overall trend line, previous swing high and the 200 ema. The macro view tells me to get ready for a retrace to 7200k, 7000k, or lower. However there's a bullish argument, all the recent positive news i.e. ETFs, Coinbase, etc the extended ranging that's going on with price action, green volume and green Heikin Ashi candles seem to perhaps dominate on the 1d. This could go either way though. I've taken up a short position with stop loss set just above the 200 ema which hasn't been touched (yet). So far managed to stay clear of HFTbots which have been decimating buy sell orders in this zone for the last few days. However as always, the market moves in mysterious ways and TA concepts can get blown out of the water at any time. This could head north or south from here, and fairly quickly with all this pressure built up. Risk management is KING. My focus is purely on risk and reward. If my stop loss gets taken out, its a small loss. If it heads south, the gains will be nice. I'm prepared for both scenario's with a slightly bearish bias. BTC is precariously poised to pump or dump.