When bitcoin cracked 100K everyone was juiced up and had their sights set on 110, 120, 130K. However, as is often the case profit taking set in and we see price bouncing around in the 90s.
Consolidation is fine, but....
Price consolidating after a larger move is fine. What we don't want to see is any breakdowns though. Ideally price can maintain the 90k area (more like 92K to be more precise) and hold this top end range we have seen it in for a month and change.
Breaking below 90k makes for a lot of uncertainly as there isn't really a clear level of consolidation till back in the 70s. There's a little something in the upper end of the mid 80s but otherwise it will be sheer price discovery.
I did put on a short hedge at 98k in case we see price breakdown. Though its in the green it more about downside protection on a larger move so I plan to hold it for that or take the small loss if we see price reverse and rip to new highs, which I'd be happy to have happen.
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