They're Playing With Us

#bitcoin #crypto #ta

Traders,

Although our daily candle came right back above our multi-year trendline today, we have merely created a daily lower high with this candle close. This means we are still in a technical downtrend. I wouldn’t be surprised if we mess around in this area with price over the next several days. Market makers love to play traders out over significant levels and price points like this in uncertain times. This emphasizes the need to have a strategy and stick to it. My strategy is that I am long above the line. When we dropped below the line, I planned to offload my riskiest assets. Did that yesterday. With a drop below AND confirmation (which we did not get today), I planned to have my stops set in a way that would sell as we dropped. Thus far, the strategy has worked out for me and none of my positions have dropped off yet. This, of course, could change quickly as we continue to trend down.

Two items on that note. I have tightened my BTC stop and moved my JUP stop up to break even. The rest of the stops I remain untouched …for now.

We still remain in that downtrend channel and until we break it to the upside our targets down of 55k and 48k remain the focus. I will keep you all up to date should anything change on this. Tomorrow will be another big day for indicating further price direction.

Best,
Stew