Chapter 8  [Apr 25] BTCUSD Weekly Outlook: Now is the worse time to long

With majority of institutional players veering away from risk-assets, we are looking into the likeliness of BTCUSD failing to move further up. This is fueled by the the recent interest rate decision done by Fed just this Friday.[Apr 25] BTCUSD Weekly Outlook: Now is the worse time to long-Pic no.1

Looking into the 4 hour chart, we could see that Bitcoin just recently tapped into a massive supply area which released strong selling pressure from the bears. The mere acceleration of price away from the area is a testatement that  the asset isn't looking to go further up anytime soon.

Furthermore, I have labelled $40,300 as a possible point of interest for sellers as the area was the last point of consolidation as seen in the 1 hour chart--this may draw the market in generating liquidity to move down even further.[Apr 25] BTCUSD Weekly Outlook: Now is the worse time to long-Pic no.2

Following that, the area also perfectly aligns with the 38.2% retracement level which is considered to be a strong psychological area in retail trading theory.

What am I looking to trade?

With the given narrative above, I am looking to enter a short somewhere within the $40,300 area. I am advising everyone to user their own confirmation entries to mitigate the chances of being stopped out. Nevertheless, I am placing my bets that BTCUSD may possibly reach $37,500--and by then, going long would make more sense.

You understand and acknowledge that there is a high degree of risk involved in trading with strategies. The above strategies and analysis are provided by the analysts for information purposes only, and do not constitute investment advice.

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