Traders,
This rally has been especially strong. Though, I do expect us to come back and retest a very important Bitcoin level at 31,600, I have to admit that with the current strength in price action, that retest hasn’t occurred as soon as I first expected it. I have taken a small profit on my last BTC short (1%) and am out. Besides what I have just stated above, there are three additional technical indicators given on the chart above:
Daily RSI remains channel-bound. Will break sometime, but I don’t know that even if it breaks, we’ll get our 31,600 retest.
BTC has broken above major resistance which now is acting as a strong support area.
Small bull flag on the daily.
I was also stopped out of my Solana short again and will not re-enter that.
Currently, I am only short NVDA, but I am unsure how long I will hold this position either.
As outlined in my last weekend update video, the market is looking especially strong. Earnings are coming up for NVidia and there is also plenty of positive news being generated. I may be on the wrong side of this trade as well.
In the near future, I will begin drumming up some altcoin longs again. For now, most remain too hot for a sensible entry area.
Stewdamus