This is my HTF analysis for bitcoin. First, M1: I am looking at the 50 SMA to provide support for either a strong dead cat bounce or potential reversal. If that fails, we have the top of the previous cycle. Anything below that would look bad for the asset as a whole.
The trade that I am looking for is a capitulation event in somewhere in the 2.6-3k region followed by a strong bounce towards 5-5.5k. I will look to buy heavily around the former and sell heavily at the latter.
This is my HTF analysis for bitcoin. First, M1: I am looking at the 50 SMA to provide support for either a strong dead cat bounce or potential reversal. If that fails, we have the top of the previous cycle. Anything below that would look bad for the asset as a whole.
3D: The biggest resistance above us is the 3D block that had previously provided support for basically all of 2018. This will act as strong resistance going forward and a clean break of this would imply that the bottom is in. Highly doubtful that we break it in the first pass.
@SalsaTekila yeah shorting here for anything apart from scalps is pretty retarded imo, ive been buying spot BTC from 3.5k and will continue to buy all the way down to 2.5 incase we get a nasty capitulation wick. Gonna see if a good leverage swing setup presents itself aswell