Richard Temple
Richard Temple 1 minutes reading from Bitcoin

Bitcoin Price Holds Above $20k (Needs to Wait)

🍁 BTC First of all, I want to say that my long closed below the 20k stop. I wrote about that more than once. The profit on closing the remainder of the long at the stop is +5.5%. Stops are the most important thing!

Secondly, no matter how you look at the chart, the price is not on support right now. The price has broken through the support of the flat, and now it is hanging in the air.

The nearest strong support is around 12k, which exists due to many factors. As an example, I show you the target for the breakout of the flat, which is only one of the bases of the level.

My future trade plan:

I am starting to form a formal short, from the current price and up to 18750. The main target will be 12k.

"Formal," as a chance for a 19k pullback exists. Unfortunately, if it happens, we can consider such a dump — a fakeout, so we will have to flip long.

If the retest is successful and the price won't allow fixing above 18k ±19k for a long time, I will be increasing the short position already on confirmation of the retest below ±18k.

This post is based on this twitter thread.

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