Safer to long under $9910 and short over $10050

10 ก.พ. 2020

For my own limits, 9900-10000 is a no trade zone because I have no directional bias to rely on in this area. I view under or right at the bottom of $9900 as a reliable support level and $10050 as resistance.

Alternatively, 9947~ can be a area to scale in long as it is the 0.618 retrace point of the dump (10085-9730).

$10000 is a psychological resistance and an area of liquidity that can be retested if the $9900 range is cleared. The blue boxes designate where I will scale in/out of position.

It would be ideal to short anywhere above $9900 if you're bearish because of $10000 being a psychological level lost. If bitcoin doesn't recover, price will start to chop under for at least a few days (or years, who knows).

I am currently bullish on the price of bitcoin for the end of this daily to close above $10000 but am expecting unexpected volatility.

The fib retracement on the chart is from the 1 minute chart.

10 ก.พ. 2020

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It may be worth concern to watch altcoin prices to determine the next price move for bitcoin. Looks very bullish if it can hold and clear the support found.

10 ก.พ. 2020

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I'm surprised at the lack of clear direction on a weekday. I no longer have a strong conviction in the daily closing green.

11 ก.พ. 2020

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11 ก.พ. 2020

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Feel a bullish dump coming. Good place to hedge short since it's possible for price to return to here if it still continues to rise.

VZO on spot (Coinbase Pro) is showing that volume is lacking the follow-up to price that derivatives exchanges are showing.

11 ก.พ. 2020

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