$BTC
Trading plan, continued
As you know, we have been mainly trading the downtrend.
Just that dull period where even the permabears admitted they were wrong and expected higher, is exactly where the market reversed back down, that 83k region.
From there, IMO the market intended to go to 75k, we traded shorts to make money on it, and we almost reached final target today.
I still want 75k as final target, but I have closed most of both, because what would be really nice is if our countertrend upside idea still plays out into the 80k region, to take another short towards the level.
So, weekly bias is bullish, daily is still bearish, and hourly is still bullish.
I'm just deciding whether I believe it's worth to play the upside hourly bias locally. I could always be wrong, and if the weight of me being wrong, is higher than the move that is most likely to happen, i.e. the move we are attempting to catch, then even if the long plays out, is not worth it.
So, my final decision is after 1 attempt to leave it, and just see it play out.
Might still change, but I just never like longing eagerly out of principle when too many people are still long locally. Could play out, but it likely usually ends up in a small move regardless.
We will see, but I think the best move on this hourly bias is to have most of the shorts closed, but not fully. A small amount must still remain open to profit into at 75k if we don't get a third clean entry nice and high and only a low bounce.
Because I already showed how to short late in the trend once, doesn't mean we have to actively seek to do it again. Having 40% of full base position open in short is perfect here I think.
So here goes the plan, the idea, the entries so far we took on shorts, the potential third entry, and the big target.
