Bitcoin: Close Longs

29 Mar 2022

I closed my position last night as I was observing a bearish divergence. What I didn't see before is that 1Y and 6M Pivots P was hit and price is struggling beneath this point. Repeat, the 1 Year and 6 Months Pivots center line was hit and we're getting bearish divergence with reversal candlesticks. The 16D chart is the key to Bitcoin right now and the market is in long mode, NOT SHORT MODE. The first chart below is where and why I exited last night and the charts following are higher time frames showing the potential change in market dynamics.

30 Mar 2022

Not

I'm cautiously scaling in long.

25 May 2022

Not

Create a buy order for $22,000.