I'm going to progress on TA in updatesZooming out to the 1 day, taking a simple look at a very similarly setup from April 3rd / 4th.
If we can assess on smaller time frames a weakness in this rally/ squeeze I can feel comfortable in the price moving down.
BTC has been relying on levels quite a bit lately so I've put more weight on them right now.
Because market is still somewhat split I am also giving more weight to moving averages using them as support and resistance, and you'll see this on the smaller time frames when I update as well.
Anyone that follows me will know my last TA got REKT, lol. I followed that price movement the whole way for 12 hours and it moved how I knew it would all the way to the point of make or break. Over confidence in how i thought the price /should/ behave was my bane. Next time I will set up buy and sell stops above and below the breakout. Let's get smarter.
Milkbread
Nice spread of bearish indicatorsFundamentals: nothing positive in news, no up coming events.
Technicals: symmetrical triangle looking bearish . Chart explains. Small chance looking at BTCUSDSHORTS 2.07% there might be a squeeze. Longs have climbed but plateaued and waiting for a signal.
Psychological: Near the bottom so people are longing this triangle FOMOing we won't revisit support. Though we've broken out of the old megastructure and have not confirmed the new one, need to retest new wedge (see my last chart for more insight). Institutional money looking to buy in later this year or not if price climbs here; a climb here won't be pushed by institutional money so I cannot see it happening.
I'm trading this on low leverage and not using the stop loss target. I believe if price does break up it will retest support before reaching 7k. Shorting this on low leverage has very small risk.
Bit worried I'll miss this short position if price doesn't climb, but lately we've been seeing spikes right before the falls consistently, so I'm putting my confidence to the test.
Good luck guys, this one should be a riot.