Is the top In?
Well, It's hard to say of course and we have recieved absolutely zero confirmation that is the case, however, I am going to take a chance and say it is. I am putting my money were my mouth is as well, I am already hedge short on my small bitcoin stack and am going to be leveraging in short on any bounces we get.
A few thoughts...
If the top is in our fibonacci retracement levels on the low from 5k to the top at 9100 line up exceedingly well with where we would expect to find buyer demand. Is this a coincidence? I don't think so and I think it adds to the argument that we have found our mid term top. So what are these levels?
Well, the .382 fib level lines up almost exactly with a 4 hour support (red) zone at 7539.7. Below this level is the .5 which once again lines up with a 4 our support area right at 7k. Perhaps the most glaring level of confluence is the .618 (also known as the golden ratio) which lines up to the dollar with daily support
in the 6550 area.
So, I am short and these are the levels I will be watching. I will be looking to scalp on the way down and slowly exit leverged longs in the marked support areas. I know What I am doing is very risk, but I am trying to build a stack and I like to gamble.
All the best,
Liberty
Well, It's hard to say of course and we have recieved absolutely zero confirmation that is the case, however, I am going to take a chance and say it is. I am putting my money were my mouth is as well, I am already hedge short on my small bitcoin stack and am going to be leveraging in short on any bounces we get.
A few thoughts...
If the top is in our fibonacci retracement levels on the low from 5k to the top at 9100 line up exceedingly well with where we would expect to find buyer demand. Is this a coincidence? I don't think so and I think it adds to the argument that we have found our mid term top. So what are these levels?
Well, the .382 fib level lines up almost exactly with a 4 hour support (red) zone at 7539.7. Below this level is the .5 which once again lines up with a 4 our support area right at 7k. Perhaps the most glaring level of confluence is the .618 (also known as the golden ratio) which lines up to the dollar with daily support
in the 6550 area.
So, I am short and these are the levels I will be watching. I will be looking to scalp on the way down and slowly exit leverged longs in the marked support areas. I know What I am doing is very risk, but I am trying to build a stack and I like to gamble.
All the best,
Liberty
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So far I am really liking this idea! I will be looking to add to my shorts on a retest of the 8350 area! Thank you for your comments and likes they mean alot!