BTC big move incoming, current trade plan
BTC has been unable to pick a direction for the past few weeks and is looking to break out of the range.
The CPI report 830 am looks to be a catalyst for a breakout move.
The btc 24 hr volitility chart has bottomed and looks ready to move btc in either direction.
I will wait before placing a trade until early Thurs morning because volatility might be wild today. I expect a move once news is released.
To trade this I will look to enter at 18500-18900.
I dont see much room for upside. I will tp at 20500 and hold some for 21500. Further moves up will be another trade. Aggressive TP is the way with current conditions.
On the downside, if we break 18k, btc could easily fall to 16300-14k. 18k has been a strong support with many buyers for the past month and a bit.
With the current PA, perps are really risky,
Downsides with spot is limited, as if we do breakdown lower, I dont think it would be for more than 2 months.
Why I think longer term (1-2 months) we will not hold any highs we make this week/next.
Crypto market cap making higher lows, and looks like it could move up a little bit more, but DXY seems to be reclaiming highs after its short dip.
BTC Dom could reclaim higher levels
The CPI report 830 am looks to be a catalyst for a breakout move.
The btc 24 hr volitility chart has bottomed and looks ready to move btc in either direction.
I will wait before placing a trade until early Thurs morning because volatility might be wild today. I expect a move once news is released.
To trade this I will look to enter at 18500-18900.
I dont see much room for upside. I will tp at 20500 and hold some for 21500. Further moves up will be another trade. Aggressive TP is the way with current conditions.
On the downside, if we break 18k, btc could easily fall to 16300-14k. 18k has been a strong support with many buyers for the past month and a bit.
With the current PA, perps are really risky,
Downsides with spot is limited, as if we do breakdown lower, I dont think it would be for more than 2 months.
Why I think longer term (1-2 months) we will not hold any highs we make this week/next.
Crypto market cap making higher lows, and looks like it could move up a little bit more, but DXY seems to be reclaiming highs after its short dip.
BTC Dom could reclaim higher levels
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