On observing, we can see a broadening wedge which might play out, so I'll focus on that in this post.
This can be the beginning of peak euphoria or a mid term macro top. So I'll talk about both the cases and be prepared for all scenarios.
Disclaimer: Future price action may or may not reflect with whatever I mention, so it's better to not take positions blindly on what I (or anyone) says. Always manage your own risk before taking a trade.
Short term Bullish case: Bitcoin breaks out of the range above $60k, and goes closer to the $63k region, holds and pumps to the $72-73k region.
Mid term Bearish case: Bitcoin makes a 72k-73k top, and comes grinding down and smashes supports again (would probably look for reaction around 66k-62k-53k for reentries)
Mid term Bullish case (euphoria): Bitcoin breaks out of the 73k zone, and closes higher above 75k, and keeps on continuing the bullish trend. This should, IMO, give rise to a parabolic move.
Short term Bearish case: Bitcoin poops below 53k (Less likely for now, but can happen anyway)
In case you want to understand about broadening wedges (for educational purposes):
www.investopedia.com...adeningformation.asp
My take: Increasing volatility and market uncertainty give rise to broadening wedges. So I'll remain cautiously bullish for now.
Feel free to share your thoughts below...
This can be the beginning of peak euphoria or a mid term macro top. So I'll talk about both the cases and be prepared for all scenarios.
Disclaimer: Future price action may or may not reflect with whatever I mention, so it's better to not take positions blindly on what I (or anyone) says. Always manage your own risk before taking a trade.
Short term Bullish case: Bitcoin breaks out of the range above $60k, and goes closer to the $63k region, holds and pumps to the $72-73k region.
Mid term Bearish case: Bitcoin makes a 72k-73k top, and comes grinding down and smashes supports again (would probably look for reaction around 66k-62k-53k for reentries)
Mid term Bullish case (euphoria): Bitcoin breaks out of the 73k zone, and closes higher above 75k, and keeps on continuing the bullish trend. This should, IMO, give rise to a parabolic move.
Short term Bearish case: Bitcoin poops below 53k (Less likely for now, but can happen anyway)
In case you want to understand about broadening wedges (for educational purposes):
www.investopedia.com...adeningformation.asp
My take: Increasing volatility and market uncertainty give rise to broadening wedges. So I'll remain cautiously bullish for now.
Feel free to share your thoughts below...
Trade active:
Looks like we bounced. Let's see where we go.
Filled some bids. Still good time to re enter on small dips, with a stoploss.
Filled some bids. Still good time to re enter on small dips, with a stoploss.
Trade closed: stop reached:
Stopped out. Will wait for a couple of months before entering again