patterns aren’t always the most reliable to trade, but the sky high # of shorts supports the rationale for a bear trap
the current 4hr candle is about to close; how the next 1-2 candles react will be interesting to watch
not placing any trades here- if we do get a bullish swing upwards, there should be an opportunity to buy a retest
well there goes that. there’s untested support at 6150 but we’ll be sitting on the sidelines until we clear this chop
expecting a big move coming- we’ve consolidated in this range for 8 straight days now
alts have been rallying hard but just remember that they’ll get nuked when btc makes a violent move (up or down)
placing some cash “stop buy” orders just above 6550, then add stops @ 6370 could be a good R:R play
if we break up, we can still get stopped at 6.8k and fall back down but has upside to 7100...and potentially higher..
from looking at eth, alts (on average) should have maybe 10-15% more upside to run before they hit resistance
have a plan in case we drop from here, it’s really anyone’s guess which way price will break but we’ve been in this upper range for a while / couldn’t get past resistance. almost too long
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