Bitcoin market reaction to Support @6500 scenarios. Weekly Chart

2019년 5월 28일

These are my 2 cents on the current state of the market. It is still neutral, there is no bear or bull market. Cryptocurrencies are notorious on their volatility but we saw a stable period. Due to that, we can treat this sudden spike as just that, a spike that will correct itself. For anyone interested in trading this last half of 2019 on BTCUSDT here's what I will do

28.05.2019 :: Short BTCUSDT /w Start: 8700 TP: 6540 SL: 9100 which nets me a 5:1 potential P/L.
2 scenarios after the first position ends.

I. The Bulls win scenario: Enter: 7000 TP: 11.400 SL: 5800 which nets me a 3.5:1 potential P/L. This is due to the uncertainty of the market.
II. The Bears win scenario: Enter: 5700 TP: 3800 SL: 6600 which nets me a 2.5:1 potential P/L.

As you see, the safest and profitable period to trade right now is TODAY.

As a side note, if you wish to check a quick snapshot of a coin or more markets, check CoinExchangeData as it draws data directly from exchanges.

Happy trading!