A crypto trader anticipates that Bitcoin may hit 25k before experiencing a pullback, which could fill the CME gap at 19,990. The trader says they have been making winning trades by combining long and short positions based on the market movements. They advise traders to look for big upside entries and recommends taking a long position on a pullback. Bitcoin has broken out of a bullish pennant pattern.
Bitcoin Market Analysis
The current state of the Bitcoin market has been a wild ride recently, with prices reaching as high as 25k before a subsequent pullback. Currently, there is a CME gap at 19,990 that traders expect to be filled at some point. However, the timing of this fill remains uncertain.
Combining Longs and Shorts
Many traders have been using a combination of longs and shorts based on what the market is doing. While they have been winning some trades, they have also lost others. The goal is to find the right entries that offer big upsides whether for a short or long trade.
Breaking out of a Pennant
Bitcoin has recently broken out of a pennant, and traders believe the trend is bullish for those looking for a long or short. To make a big trade, traders should be looking for a pullback to take a long position. This strategy might prove successful in navigating the current Bitcoin market.