The reason why I don't trade on this level.
We know for a fact that based on a strong price action that the Bitcoin and the whole crypto market is in a bullish long term trend.
However, the current price is too parabolic and too high for it. We need a healthy pull back or a reaction to sustain the trend.
So, at this level, we don't know what we trade. Long or short? if we became an overextended short. We lose money.
If we enter a long position too early. We lose money.
Trying to anticipate the price movement of the market on this level might cause you to take multiple cut losses and will take a hit to your capital.
A capital that we should have when the next rally starts. Of course after the pull back.
As a trend follower trader like me. I hate this price level.
Good luck!! and happy hunting!
