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Friday, August 28, 2020

Short trade(s) for Bitcoin

Short trade(s) for Bitcoin

Its been a while since I posted a chart as have been hedged since 9600. Not much I could have done since then but be patient and I believe it will pay sooner rather than later. Alas, the chart I am posting is precisely how I believe our current predicament will play out. I have posted a chart in the past and commented on the possibility of hitting 14k in order to knock out a wide range of outdated mining hardware. While that possibility still exists I will just take it on the chin if it does so - I know that chance exists but chance is not something I can plan a trade around. So, breakdown of current range I will look for a drop to 9700 and retest of above range as opportunity to add to current short position. As per the chart and all going well, it will be a long term play to liquidity below lows of March "crash". Following this I believe we will see a large period of consolidation while Bitcoin forms a new pattern that will eventually provide the basis for a new crypto market bullrun. Bitcoin bottom for me is approx $1400. Chart aside, I will be keeping an eye on price at $6500, as I believe if we are not to go lower that it will be at this point another run may begin. I will update with these levels in next chart. Please like or share my charts or leave a comment - Cheers!

from Trading Ideas
via gqrds

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