Bitcoin is currently facing strong resistance at 11.2K-11.3K levels, which is more than expected and not a surprise. Congratulations to everyone who has taken a long from our suggested areas from 9.9-10K levels. Here is the ‘editors pick’ post where we suggested a long from those levels:
As the ‘Crypto Fear and Greed’ Index is now swapping bias to a more neutral sentiment, we are now also switching our bias to build up shorts here since the market is turning bullish overall. While we have been successful on our bullish case for the past week from 10K levels, even without filling the suggested 9.7K CME gap, we are now going to build shorts anything above 10.8K, until a clear invalidation occurs at 11.2K (a daily close above 11.2K is where we will completely close all short positions).
Risk management is key in this area as a breakout to the upside is still possible as evidenced by our previous post. We were hoping for a stronger push to 11.4K levels to make sure the shorts were squeezed, but we were left with no follow up candle on the 4H. This goes to say, anyone holding a long position from 10.8K is still in the clear as the R:R from those levels are clearly there; however, anyone who is looking to build short positions is now starting
to look better overall on the larger picture.
How To Trade:
– Watch for a close above $11,200. Daily close above 11.2K will immediately make us resume our bullish bias.
– Rising Wedge is now more apparent and showing on the 4H TF.
– This breakout was not as strong from a volume perspective; which may indicate that bears will be seeing this as a confirmation for an opportunity to short this area.
Trade Safe.
X Force
Read More:BTC: $11.2K Resistance – Laddering Shorts For The Larger Picture for
