Just wanted to throw this idea out there -> Back in December of 2017, BTC saw a huge run in prices as part of a retail frenzy, but also in response to the introduction of BTC futures into the financial ecosystem. They almost mark the *exact* top in prices.
I think it's possible that with the potential approval of Bitcoin ETF's (decision on Monday) we see a similar thing happen: a massive sell-the-news event on a fresh breakout to all time highs, which could trap a lot of people.
While it's a tough prediction to trade, It seems like the best course of action might be waiting to see what BTC does upon making fresh highs, and then go from there trading lower timeframes in order to define risk.
If it proves to be a false breakout, then you're protected against a larger chunk loss based on a daily candle risk spot.
I think it's possible that with the potential approval of Bitcoin ETF's (decision on Monday) we see a similar thing happen: a massive sell-the-news event on a fresh breakout to all time highs, which could trap a lot of people.
While it's a tough prediction to trade, It seems like the best course of action might be waiting to see what BTC does upon making fresh highs, and then go from there trading lower timeframes in order to define risk.
If it proves to be a false breakout, then you're protected against a larger chunk loss based on a daily candle risk spot.
