The Crypto space was greeted with some green this morning, but we are still signalling the bear on the Bitcoin markets.
The volatility has been great for the boys at the street (and some day traders), with longs and shorts getting played for excellent gains.
All the boasting aside lets see what we are up against.
When 12k broke we saw a lot of sellers stepping in, prices were pushed down and we had buy orders filled down into 10k zone, as well as going short with some leverage.
Profit was taken on the buys from 10k and the shorts were closed around 9900. All in all it was a great play and looking to set up something similar here.
Support is between 8600 – 9000, but it could be wise to distribute your buy orders and maybe a few below 8k. (Day traders)
Bitcoin needs to consolidate above 12 800 (in the next day or two) and test 14 400 again before we will go back to the moon.
Until then the forecast is sideways with a bit of BEAR.
Feel free to discuss this trade idea with us in our Discord.