BTC Setup

24 Sep 2020

I am leaning on the idea that a decent entry for BTC is about 10080 where I will begin to scale in, which is bottom channel + 21Wema. I am open to the idea that we get a flush flash crash to around 9600 CME Gap Meme trendline on the chart provides a Degen long entry as I highly doubt we visit this level without a huge V bottom forming and a sizable rally back above. For this reason I'll do 25% at 10080 and leave 75% aside for the possibility we do a wick to the bottom level. Volatility and Volume are so low with BTC right now I kinda doubt we do see 9600 but this being BTC you never can be too sure. Bitcoin is all about extremes, unless we are in a strong trending market with little consolidation then sizable rallies are to be sold and sizable pullbacks bought. Trying to pick absolute bottoms or absolute tops don't work in this environment it's really more about how far percentage wise the market moves that offers the best entry and exits.