BTC has had a nice run up after support was found in the $40k region, with us posting a nice % gain from my previous analysis.
Fundamentally, crypto remains extremely bullish. However, as we look to close this trading week I have reduced my positions significantly with anticipated turbulance in the coming days.
With so many traders currently holding profitable positions, the large volume of FOMO positions that will have been aquired over the previous leg upwards, and the rouding top found in this chart, I believe now is a good time to begin taking profits on our trades.
I will personally be waiting for better micro support / resistance regions to form so that we can better understand which direction the market may take next, and look to reaccumlate should we begin to trade to the downside.
Fundamentally, crypto remains extremely bullish. However, as we look to close this trading week I have reduced my positions significantly with anticipated turbulance in the coming days.
With so many traders currently holding profitable positions, the large volume of FOMO positions that will have been aquired over the previous leg upwards, and the rouding top found in this chart, I believe now is a good time to begin taking profits on our trades.
I will personally be waiting for better micro support / resistance regions to form so that we can better understand which direction the market may take next, and look to reaccumlate should we begin to trade to the downside.
