Reading time: ~2 m
In a new strategy session, crypto trader alias Cheds told his 45,100 YouTube followers that Bitcoin bears are currently in control and any bounce is an opportunity to short BTC.
It’s not about predicting where the price will go. It’s like in basketball: you need to understand who has a chance to take possession of the ball, and if we rebound, look at the shorts.
You are trying to turn the rebound into resistance. You are looking for what will give you the best potential trend based setup. You are looking for the best countertrend move that you can smooth out.
Cheds also explained why he thinks the next rally is likely to be a trap rather than a trend reversal. Bitcoin’s recent drop below $45,000 is a strong signal for bulls, according to a crypto analyst.
We had the main level that was tested ($45,000). It is formed over time, the interval between attempts, several points. Now a break and no confirmation.
This is really a bad sign. And that should be the start of any analysis, not that the stock’s RSI is oversold, or that random Elliott wave, or some one-hour head and shoulders. Forget about it. Just focus on momentum and key levels.
#Bitcoins #rally #bear #trap
