Gameplan for the upcoming ETF decision
Price went up a bit higher than expected, but still going as planned.
Since the BullWhale exploited the #bitmex maintenance to pump the #BTC price at the expense of degen shorters, I can guess he will use the "surprising news of ETF rejection" at his favour in similar fashion.
So far as we have been in this trading range, price has not retraced below 50% fib. Before a major breakout such retracements normally occur.
I expect that the ETF rejection will provoke the usual dump, shorts will increase, stops will be triggered, but the BullWhale will soak up all the liquidity and will pump the price resulting in massive short squeeze.
Current position - holding spot.
My trade strategy:
1) short bmex perpetual swaps at the retest of daily breaker, asks from 6740-6840 (SL 7010). I will leave it open as a hedge bet with a trailing stop.
2) long bmex Sept futures at 6145-6235 (SL 6040). My main position, first TP at 7180.
good luck and happy trading
P.s. the chart is Bitfinex, cuz my bitmex chart is not working on Tradingview. Am I the only one?
Since the BullWhale exploited the #bitmex maintenance to pump the #BTC price at the expense of degen shorters, I can guess he will use the "surprising news of ETF rejection" at his favour in similar fashion.
So far as we have been in this trading range, price has not retraced below 50% fib. Before a major breakout such retracements normally occur.
I expect that the ETF rejection will provoke the usual dump, shorts will increase, stops will be triggered, but the BullWhale will soak up all the liquidity and will pump the price resulting in massive short squeeze.
Current position - holding spot.
My trade strategy:
1) short bmex perpetual swaps at the retest of daily breaker, asks from 6740-6840 (SL 7010). I will leave it open as a hedge bet with a trailing stop.
2) long bmex Sept futures at 6145-6235 (SL 6040). My main position, first TP at 7180.
good luck and happy trading
P.s. the chart is Bitfinex, cuz my bitmex chart is not working on Tradingview. Am I the only one?
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