BITX - Double Your BTC Stack
With the Bitcoin ETF's becoming a reality, there are many new crypto related assets such as BITX provide you exposure to 2x leverage to Bitcoin. This provides traders with opportunities to scale their position, without the risk of liquidation.
Ive been waiting for the market to retrace, and perhaps this drop on BTC touching 59K , with big news ahead for tomorrow during the CPI release may be a recipe for serious volatility in markets. Moreover, the recent launch of the asia BTC related ETF's released in Hong Kong will provide millions of people with access to Bitcoin exposure.
My main thoughts for this trade will stem more from the technical analysis on Bitcoin which I will link in a separate idea. However, for me personally the weekly time frame trend is still upwards and I will remain bullish until Bitcoin fails and makes a new lower high pivot.
A long trade may be probable here as we approach some levels of liquidity between 58k and 59k. This may also be viewed as prices ranging $30-$32 on the BITX ETF.
Looking for buyers to regain control here and rotate back to test the previous high at $60. CVD and RSI showing me some divergence, however the RSI has not printed a confirmed bull signal just yet.
Only time will tell..
Ive been waiting for the market to retrace, and perhaps this drop on BTC touching 59K , with big news ahead for tomorrow during the CPI release may be a recipe for serious volatility in markets. Moreover, the recent launch of the asia BTC related ETF's released in Hong Kong will provide millions of people with access to Bitcoin exposure.
My main thoughts for this trade will stem more from the technical analysis on Bitcoin which I will link in a separate idea. However, for me personally the weekly time frame trend is still upwards and I will remain bullish until Bitcoin fails and makes a new lower high pivot.
A long trade may be probable here as we approach some levels of liquidity between 58k and 59k. This may also be viewed as prices ranging $30-$32 on the BITX ETF.
Looking for buyers to regain control here and rotate back to test the previous high at $60. CVD and RSI showing me some divergence, however the RSI has not printed a confirmed bull signal just yet.
Only time will tell..
Trade active:
Starting to build the long as we drop here
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Low set just below $32
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Next, looking to the $40 level for acceptance back into the zone, or rejection.
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Getting a clear resistance at exactly $41. Nice potential swing failure pattern.
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Interesting...
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0.382 providing us with a probable trend continuation support
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Adding to my position here near the CC zone
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Nice
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Taking some profits at this $39/$40 level and will let 20% ride. I am a bit worried of a potential correction on BTC so I will want to manage my risk accordingly here.
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Very Nice push