๐ What's Next for $BTC After the Sharp Decline and How I'm Positioning Myself:
๐ With the breakdown of the $60,000 support, $BTC experienced a sharp decline today, dropping to $56,000. Although $56,600 is currently acting as strong support, the fall may not be over yet.
๐ Today's Fed rate decision is crucial, and the market's reaction to it will determine future movements. A rate decision higher than expected could lead to a steeper decline.
๐ก If we see a daily close below $56,600, the next support level at $53,000 could be tested as there is no significant support in between.
๐ Currently, the price is 3% below the lower Bollinger Bands on the daily chart. Historically, such instances have led to immediate rebounds. While new highs might not be imminent, a short-term rise is possible.
๐ I anticipate revisiting the +$60,000 levels soon, so I'm closing my short positions and increasing my long positions. However, these long positions are short-term, preparing for new short positions.
๐ Looking ahead, I expect declining volume and more sideways movement throughout May and Q2. Trading within the $56,000-$60,000 range might frustrate many traders, but it's crucial to stay in the game and stick to your strategy.
๐ This morning, I opened a $ETH long position at $2,860, aiming to close it at +$3,000. In case of negative news before reaching this target, I'll accept the situation and set a stop loss.
๐ฎ Remember, predicting the future is uncertain. Positions taken depend on individual risk appetite and financial situation. Always have your own plan!
