Bitcoin market update: 9k or 6k? SUBVERTO TRADING CLUB Hey guys, how are you? This is just a quick little Bitcoin update.
Um, before I start, please do like and subscribe, It encourages me to keep going and giving you some good analysis. Weve been Decently accurate so far. Ive been doing well in this consolidation on Bitcoin. What I wanted to share is that yes, this is a strong move and weve had a consolidation after generally it gives a higher probability that a consolidation after a strong move becomes a continuation.
Im going to zoom in, Im going to zoom straight into the 15 minute so we can see what we are looking at. Basically, it does look like quite a clean bear flag. We had a nice move to the upside.
We took this liquidity at the weekly resistance level and had a strong rejection mid, a strong rejection. Last night at the four hour resistance we had another strong rejection and we bounced right at the six one eight Fib level of this entire move. Also, it was a perfect test of this trend line, which was really, really clean. Its been tested quite a few times so really nice trend line.
So what Im looking for right now is a correction of this move down. Basically just a correction of this move down and Im drawing our Fibs to the possible places where I can see this correcting. I do have a small short still open from the about 8700, 8750 level. I took off most of my shorts last night.
I possibly have about 10 of it open. Its more like a hedge for any downside. And what Im looking for is since weve had this move up here, basically just looking for correction of this move it, it coincides really well.
What Im looking for with coincides very well with this four hour resistance. So essentially Im looking for this to trade out of this channel and find support over here and test this key level at 8, 600. And I am giving this update because I think this level is really, really important. And, the reaction from here is going to, for me, decide the directionality for BTC out of this range, out of this big range that we have been treating in for almost 20 days, now. And what I want to see here, if I do want to take a short, I want to see it getting weak and possibly wicking to that and showing me some kind of a failure.
So if I am looking for downside, I want to see something like this. Im going to be taking the short here if this happens and if over here we do find strength and to look to the upside, I want to start finding support on the four hour timeframe above this 8, 600 level. So this is exactly what Im going to be doing right now guys. Im going to be managing some risk here on this level and possibly daytrading this all the way up to this, a four hour level, 85, 8, 600 and the failure of that, Im going to be shorting.
I believe that if this does fail, I think this bear flag pattern is going to be completed and essentially we should definitely this time breakdown from this monthly support and at least help to this weekly support. Theres a lot of liquidity here so this will be my first target if we do fall out from here and in the other direction if we do move up, I think we could be hitting this monthly resistance level 9250 if we do start finding support here. So currently I am looking to day trade this all the way up here. I do have some shorts from here. If you do find support here I will close that small hedge that I have and Ill be looking too long this to the monthly resistance or failure from here and I think we are looking down to sub 7, 500 thats all for me now guys and Ill see you soon.
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