BTC is tracing the right right of a H&S pattern as was predicted in a previous post, Due to a number of factors - BTC should move sideways as it carves out its right side. There is potential for shorting between 7300-7500 though i wouldn't recommend it - you might close your trade on one part of the shoulder and get stuck on another.
If I was in BTC I would try to get out at 7500 with the goal of buying in somewhere in the 6000-7000 range. I don't believe in a long term bear market for BTC - I particularly don't believe it will drop bellow 6k. There are a lot of buy positions that need to be sorted out in the 6000's before we move up any higher.
When the right side is traced we should be ready to plunge into the 6000's - this could take a few days - or it could take a few hours. Set your limit's and stops. The "long" play is to buy in the 6000's and get our again in the 8000's where we will likely see some more resistance in the coming days/weeks.
If you are holding "to the moon" - take a week or two off - we're going down before we go up!
If I was in BTC I would try to get out at 7500 with the goal of buying in somewhere in the 6000-7000 range. I don't believe in a long term bear market for BTC - I particularly don't believe it will drop bellow 6k. There are a lot of buy positions that need to be sorted out in the 6000's before we move up any higher.
When the right side is traced we should be ready to plunge into the 6000's - this could take a few days - or it could take a few hours. Set your limit's and stops. The "long" play is to buy in the 6000's and get our again in the 8000's where we will likely see some more resistance in the coming days/weeks.
If you are holding "to the moon" - take a week or two off - we're going down before we go up!