The second day of the week. Lets look at Bitcoin
Bitcoin (BTC/USD) Shorts are not done yet, there have been many investors now getting back into the market buying bitcoin. I do not think that bitcoin has reached its bottom yet. The trend remains bearish with confirmed lower lows and lower highs, and this is the correction. The manner in which price is moving is very corrective, I would like to see price take its time back up to 28295 which is my point of interest, it's also an untested level resistance that should be filled and provide, at the very least, a reaction.
My target on this one is the previous low which should be an easy target if price manages to reject the point of interest. There may be a lot of room for price to create a new lower low. On the flip side, Price could continue to push past my point of entry, If price breaches 30k with force I will exit this position or just manage my risk by closing partial losses.
The week is still young and there is no need to force anything. Stay disciplined.
Renald Philander
Bitcoin (BTC/USD) Shorts are not done yet, there have been many investors now getting back into the market buying bitcoin. I do not think that bitcoin has reached its bottom yet. The trend remains bearish with confirmed lower lows and lower highs, and this is the correction. The manner in which price is moving is very corrective, I would like to see price take its time back up to 28295 which is my point of interest, it's also an untested level resistance that should be filled and provide, at the very least, a reaction.
My target on this one is the previous low which should be an easy target if price manages to reject the point of interest. There may be a lot of room for price to create a new lower low. On the flip side, Price could continue to push past my point of entry, If price breaches 30k with force I will exit this position or just manage my risk by closing partial losses.
The week is still young and there is no need to force anything. Stay disciplined.
Renald Philander