Traders,
It is ad nauseam that I have been referring to my multi-year support/resistance trend line. But here we are again. Interestingly enough, it is also currently intersecting the top of my bullish descending wedge, making a critical area of confluence to become resistance.
As I see it, there are now two paths for Bitcoin. A break to the top side would indicate that accumulation is over and it is now time to look long.
A drop to the downside would indicate a retest of the bottom of our triangle may be to come. Notice that the bottom of the triangle also intersects with our ascending purple trend line AND 0.5 fib retracement at around 56k.
My perspective is that 56k is our local low. Though, we could retest that level again, I believe that it will hold.
At this point, traders looking to enter Bitcoin long, may want to wait for either confirmation of a break to the upside of our triangle on the daily or confirmation of our 56k local bottom via retest and hold.
Best,
Stew
It is ad nauseam that I have been referring to my multi-year support/resistance trend line. But here we are again. Interestingly enough, it is also currently intersecting the top of my bullish descending wedge, making a critical area of confluence to become resistance.
As I see it, there are now two paths for Bitcoin. A break to the top side would indicate that accumulation is over and it is now time to look long.
A drop to the downside would indicate a retest of the bottom of our triangle may be to come. Notice that the bottom of the triangle also intersects with our ascending purple trend line AND 0.5 fib retracement at around 56k.
My perspective is that 56k is our local low. Though, we could retest that level again, I believe that it will hold.
At this point, traders looking to enter Bitcoin long, may want to wait for either confirmation of a break to the upside of our triangle on the daily or confirmation of our 56k local bottom via retest and hold.
Best,
Stew
Comment:
The top path it is:
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
