The author takes a cautiously bearish stance on BTC's short‑term rebound, has set up a hedge short, and expects a possible pullback to the $60K area.
GM ☕️
The first hedge-short attempt was stopped out.
Why? Price swept the daily highs and had both the conditions and trigger to move lower on absolute weakness, but even then sellers failed to take control of the auction - strength.
That said, this is still a 💩-looking bounce into major HTF resistance.
Spot continues to show little support for the move. Perps are finally showing genuine intent through new long positioning, but overall, this remains a leverage-driven pump into major HTF resistance, with no meaningful spot backing and supply building above the current price.
I am therefore taking my second and final hedge short within this range.
If price wants to take out my swing long, I think this is where it happens. On the other hand, if price breaks and accepts above the current highs, I would expect strong continuation to the upside, especially given how strong the current low looks.
I would not take this hedge without the context of my existing long:
- We pump from here, and I give back some profits on the hedge.
- We dump from here, and the hedge protects a meaningful portion of the profits from my long.
My current swing-long position remains smaller than intended. Ideally, I would still like to see a test of the $60K region to secure a better entry given a strong low.
Otherwise, I will simply have to add to the swing once we see confirmed strength above the current highs, with price accepting back into value, even if that means raising my average entry. $BTC #Bitcoin
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