BTC has been under accumulation for the last few weeks. Every drop has been bought. A lot of FUD and uncertainty make me more bullish in the short term. This drop below 16k could end up being a trap. I opened a long on BTC around $16160 and will add more till $15850 with SL below $15400. Most of the bad news has been sold. I could be wrong only if we break the recent low. Am not saying we can't see more drop in the next few weeks/ months but it's riskier to be out of BTC when it's down 73%.
This trade is based not just on charts but logic and reasoning.
This is not financial advice. DYOR, My stop loss is for leverage long only. I have been accumulating BTC since it broke 18k and I am more than happy to buy more. Currently, I am 75% in BTC and a few alts & 25% FIAT and Stable Coins.
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