BITCOIN HALVING APPROACHES, SO DO YOU LONG OR SHORT?
BTC / USD TA
Not much has changed here in terms of resistance levels or channel structures, nevertheless we are just days away from May 11 Bitcoin halving which means a lot of speculating is going on in the market. With the FED pumping the cash into the markets and crypto market trying to follow it, it can be a bit tricky to make the right decision on whether to be a Bull or a Bear.
Even though Bitcoin demonstrated a recovery of more than 120% over the last 2 month, bears have an upper hand right now in terms of the TA which shows us right at the channel resistance of $9,000 (give or take another $100). With most people leaning bullish due to Bitcoin halving, that can be made into another argument for why being a Bear right now might be the ultimate choice, nevertheless do not blindly short this resistance as the market likes to perform what's called 'bull and bear traps'.
If we look at current set up, it's reasonable to be a bear below $10,000 psychological resistance zone and then potentially flip bullish, rather than longing right at resistance without any safe guards in place.
So... what would I do?
As a risky investor I would put on a Short around here with enough 'space' for wicks going near $10,000 zone.
As a moderate risk investor, I would not be entering into any new positions here and would wait for rejection confirmation or break about $10,000 before opening any new positions which just might be also a great choice for most of you out there.
As an investor who would want to stay on a safe side, I would open a Long/Short here and hedge it with moderate stop losses which safeguards you from possible liquidation wicks while also maintaining a position in the game which virtually can't be a loser if played correctly.
With that said let's watch. Stay tuned and never take my 'analysis' of current of future market situations as a trading advice. I am not your financial advisor and invest only what you can afford to completely lose.
Not much has changed here in terms of resistance levels or channel structures, nevertheless we are just days away from May 11 Bitcoin halving which means a lot of speculating is going on in the market. With the FED pumping the cash into the markets and crypto market trying to follow it, it can be a bit tricky to make the right decision on whether to be a Bull or a Bear.
Even though Bitcoin demonstrated a recovery of more than 120% over the last 2 month, bears have an upper hand right now in terms of the TA which shows us right at the channel resistance of $9,000 (give or take another $100). With most people leaning bullish due to Bitcoin halving, that can be made into another argument for why being a Bear right now might be the ultimate choice, nevertheless do not blindly short this resistance as the market likes to perform what's called 'bull and bear traps'.
If we look at current set up, it's reasonable to be a bear below $10,000 psychological resistance zone and then potentially flip bullish, rather than longing right at resistance without any safe guards in place.
So... what would I do?
As a risky investor I would put on a Short around here with enough 'space' for wicks going near $10,000 zone.
As a moderate risk investor, I would not be entering into any new positions here and would wait for rejection confirmation or break about $10,000 before opening any new positions which just might be also a great choice for most of you out there.
As an investor who would want to stay on a safe side, I would open a Long/Short here and hedge it with moderate stop losses which safeguards you from possible liquidation wicks while also maintaining a position in the game which virtually can't be a loser if played correctly.
With that said let's watch. Stay tuned and never take my 'analysis' of current of future market situations as a trading advice. I am not your financial advisor and invest only what you can afford to completely lose.
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