🚩 Technical Analysis/Look-Ahead/Behavioral Insights: Our past Sunday reports accurately forecasted Bitcoin's price movements between $34,000 and $38,500. Recently, we've been shorting Bitcoin in the $38,000 to $38,500 range, benefiting from these positions. We partially closed positions expecting a rise from $36,000 to $38,500, then reopened shorts at $38,500, which were triggered last Friday.
Currently, Bitcoin is oscillating between $38,500 resistance and the MA20. We're monitoring for either a breakout above $38,500 or a drop towards the $33,000 area. Our strategy remains the same: maintain shorts around $38,500 with a stop loss at entry, ready for either scenario.
🚨 Strategy Update: While Bitcoin hovers in this range, focus shifts to altcoins, which react differently to Bitcoin's price changes. Despite market fluctuations, we're holding onto our Bitcoin and altcoins purchased at lower prices. The plan is to keep shorts open at $38,500, balancing them with our spot holdings.
Short-Term Outlook: Bearish on Bitcoin unless it breaks above $38,500. Watch out for the upcoming OPEC-JMMC meeting and Jerome Powell's speech, as these could significantly impact market volatility.