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Bitcoin trading calls

  • #1,721
  • Jun 26, 8:22am (3 hr ago) Jun 26, 8:22am (3 hr ago)
Quoting MaGiix
{quote} Yes, but on the other hand, as I understand it and read, it's also a massive expiration day, and apparently there are $1.6 billion in leveraged long positions with stops at 58,000 and just below. I don't know what to make of it.
Hi MaGiix
Decisions, Decisions, Decisions.
Still in with a tightened stop and price is going down again
Traders that are long have to sell to take profits or protect their positions.
This leads to selling pressure that is dumped on the market will lead to price moving down with some zest
EDIT:
Added another line to the chart. Price stabbed down but has recovered somewhat.
Attached Image (click to enlarge)
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If you think you can or cannot do it you are correct
  • #1,722
  • Jun 26, 8:25am (3 hr ago) Jun 26, 8:25am (3 hr ago)
Quoting Olu
{quote} Hi MaGiix Decisions, Decisions, Decisions. Still in with a tightened stop and price is going down again Traders that are long have to sell to take profits or protect their positions. This leads to selling pressure that is dumped on the market will lead to price moving down with some zest EDIT: Added another line to the chart. Price stabbed down but has recovered somewhat. {image}
same
hope momentum kick an another time in
I won't give up.
  • #1,723
  • Jun 26, 9:05am (2 hr 33 min ago) Jun 26, 9:05am (2 hr 33 min ago)
Wao
Price bounced massively off the additional line I added to the chart.
My short position is closed but I am not long.
I could re-sell at these lofty heights
Amazing comeback though
EDIT:
Added updated chart
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.webp Size: 41 KB
If you think you can or cannot do it you are correct
  • #1,724
  • Jun 26, 9:19am (2 hr 19 min ago) Jun 26, 9:19am (2 hr 19 min ago)
Quoting MaGiix
{quote} Yes, but on the other hand, as I understand it and read, it's also a massive expiration day, and apparently there are $1.6 billion in leveraged long positions with stops at 58,000 and just below. I don't know what to make of it.
Hi MaGiix,
I agree with you about that 58,000 key level. On my trading plan today, I also noted that the immediate challenge for the bears is to close a 1H candle below 59,000, which is acting as our immediate support floor.
I’m currently flat again at break-even (BE). The previous candle actually took me out after I trailed my stop loss to BE. Normally, a close below the Daily Open (DO) would trigger my short criteria for an entry, but thanks to Olu's insight, I was able to get an early entry right at the 60,700 rejection.

Regardless, that 59,000 support floor was rejected yet again with strong momentum, pushing back above the Daily Pivot (DP) zone I highlighted in my analysis. It looks like the bears are failing to reclaim it; for the fourth time now, buyers are pushing price up with momentum.
Because of this, my long criteria has been triggered again as the bullish candle rejects upwards from the DP zone. If the current candle closes above it, it will confirm the buy order. I’ll wait for this 1H candle to close to decide whether to go long or just call it a day.
*BTC is currently completely sandwiched in a tight congestion zone between 60,700 and 59,000.
There was medium-impact news released at 10 AM NY time.
Attached Image (click to enlarge)
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  • #1,725
  • Jun 26, 10:21am (1 hr 17 min ago) Jun 26, 10:21am (1 hr 17 min ago)
Quoting Toboso01
{quote} Hi MaGiix, I agree with you about that 58,000 key level. On my trading plan today, I also noted that the immediate challenge for the bears is to close a 1H candle below 59,000, which is acting as our immediate support floor. I’m currently flat again at break-even (BE). The previous candle actually took me out after I trailed my stop loss to BE. Normally, a close below the Daily Open (DO) would trigger my short criteria for an entry, but thanks to Olu's insight, I was able to get an early entry right at the 60,700 rejection. Regardless, that...
I will call it a day. BTC is in indecision mode, consolidating. I'll wait for a new day for a better setup.
Attached Image (click to enlarge)
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  • #1,726
  • Jun 26, 10:28am (1 hr 10 min ago) Jun 26, 10:28am (1 hr 10 min ago)
Quoting Toboso01
{quote} I will call it a day. BTC is in indecision mode, consolidating. I'll wait for a new day for a better setup. {image}
Switch to the 5 min time frame and trade the range.
  • #1,727
  • Last Post: Jun 26, 10:30am (1 hr 8 min ago) Jun 26, 10:30am (1 hr 8 min ago)
Quoting Toboso01
{quote} I will call it a day. BTC is in indecision mode, consolidating. I'll wait for a new day for a better setup. {image}
yes and moreover week is ending it's the best to do, i let my short in place and it give what it give
good week-end fellas
I won't give up.
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