Possible Bitcoin Buy The Dip Scenario
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Don't have time for a very in-depth analysis here; but the Ichimoku Cloud Kijun-sen in white has been supporting this entire bull run since $3,500; it held our wick to $6,800ish in mid May and we have just bounced off of it at $7,500.
We broke our parabolic curve which initiated this fall from 8-9k; I noticed yesterday we were in for some money moves when BTC was $8,500 and ETH was 260ish but didn't begin shorting BTC until it was stuck at 8k resistance and ETH at the 100 EMA at $250.
I placed orders yesterday (6/3) ahead of the dump for long-term entries on the white kijun-sen at $7,500 and smaller entries at $7,600ish. We wicked to $7,650ish missing my entries before wandering back up to re-test $8,000 this morning (6/4) and that's when I began shorting. Within an hour or two we began the slow slide to $7,800 and panic dump to $7,500 EXACTLY on the daily Kijun-sen where I had placed my orders. I closed my shorts around $7,600-$7,650 and $233-236 on BTC and ETH respectively and am holding my BTC entry from $7,500 for a swing trade up to $10,000 potentially (but likely will end up closing near $7,800-$8,000).
If the Kijun-sen were to fall we would see atleast $7,000 confirmed and likely lower as we test the daily cloud between $5,500-7,000. On the otherhand; if the Kijun-sen holds then the bulltrend may very well be intact and create new local highs and attempt $10,000.
That's my $0.02 starting at the charts quickly; possible opportunity to BTFD. However that being said; I would look to start de-leveraging on this next leg up if it comes to fruition though. Before this dump I started liquidating some of my longer term alt holdings from the bottom that i've had a hard time parting with until now.
Take that how you will! Keep tight stops, good luck, and happy trading!
Don't have time for a very in-depth analysis here; but the Ichimoku Cloud Kijun-sen in white has been supporting this entire bull run since $3,500; it held our wick to $6,800ish in mid May and we have just bounced off of it at $7,500.
We broke our parabolic curve which initiated this fall from 8-9k; I noticed yesterday we were in for some money moves when BTC was $8,500 and ETH was 260ish but didn't begin shorting BTC until it was stuck at 8k resistance and ETH at the 100 EMA at $250.
I placed orders yesterday (6/3) ahead of the dump for long-term entries on the white kijun-sen at $7,500 and smaller entries at $7,600ish. We wicked to $7,650ish missing my entries before wandering back up to re-test $8,000 this morning (6/4) and that's when I began shorting. Within an hour or two we began the slow slide to $7,800 and panic dump to $7,500 EXACTLY on the daily Kijun-sen where I had placed my orders. I closed my shorts around $7,600-$7,650 and $233-236 on BTC and ETH respectively and am holding my BTC entry from $7,500 for a swing trade up to $10,000 potentially (but likely will end up closing near $7,800-$8,000).
If the Kijun-sen were to fall we would see atleast $7,000 confirmed and likely lower as we test the daily cloud between $5,500-7,000. On the otherhand; if the Kijun-sen holds then the bulltrend may very well be intact and create new local highs and attempt $10,000.
That's my $0.02 starting at the charts quickly; possible opportunity to BTFD. However that being said; I would look to start de-leveraging on this next leg up if it comes to fruition though. Before this dump I started liquidating some of my longer term alt holdings from the bottom that i've had a hard time parting with until now.
Take that how you will! Keep tight stops, good luck, and happy trading!
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