Bitcoin - Ready to squeeze longs?
! Not financial advice but someone sharing his trading diary! - Make your own plans and you will do fine in the long run.
Bitcoin is lately punishing leveraged traders on both sides.
Yesterdays price actions show a big absorption (until mid 56K) and a close below the previous local high. A local market structure that will bring price towards mid-low 40 K might be forming.
- There are three possibilities:
1. (unlikely) Price can suddenly start rallying towards 57k - maybe based on any news
2. (likely) Price can hold support (54k) and stay inside the local range.
3. (likely): Price can break support and squeeze longs all the way down to 45 k
#bitcoin #btc #tradingidea #btcusd
Bitcoin is lately punishing leveraged traders on both sides.
Yesterdays price actions show a big absorption (until mid 56K) and a close below the previous local high. A local market structure that will bring price towards mid-low 40 K might be forming.
- There are three possibilities:
1. (unlikely) Price can suddenly start rallying towards 57k - maybe based on any news
2. (likely) Price can hold support (54k) and stay inside the local range.
3. (likely): Price can break support and squeeze longs all the way down to 45 k
#bitcoin #btc #tradingidea #btcusd
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