Quick update: stopped the thread because I got wrecked, now I have to sell bathwater on the internet... just kidding
I ended up selling all of my positions at around $40,700, the very top was $42,000.
Right now the chart is looking pretty bearish in the short term, a retest of the bottom of the orange triangle is almost certain as we are making lower highs AND lower lows, bitcoin is trying to use 31k level for support but I feel like there may still be some sellers on the table although a lot of weak hands were flushed out.
So what am I doing? NOTHING. For me to enter another trade I personally want more data, if the right circumstances present themselves I would consider a short at 34k, or a long at around 28k.
But in my opinion, there are a lot of mixed signals on the chart. We are still in a bull run but the 4h chart is showing a fairly defined bearish trend. But the 1 week is so much different.
Be very careful trading in this environment, all of my previous calls have been correct, that's why I'm not making a call this time. I'm gonna tell you how it is, and the way it is is that we have very mixed signals, and making a bold prediction right now would be arrogant.
I would really like to see a break of the orange triangle's top resistance where a push back up to retest 42k would be probable. just because we are currently in a bull market still, and the media hype surrounding bitcoin right now is growing not that election news is beginning to pull back a tad. We also have big companies spending lots of ad dollars to get the everyday person to begin investing in crypto on their platform. All time high of wallets, all time high volume, all time high google trends data.
Disclaimer: this is not financial advice. this is only entertainment. I'll never tell you what to do with your trades or investments.
