BTC Overlay scenarios

Figured out some overlays for BTC, I was actually kinda bullish on it until today when it didn't rally with the market.

Up or down, it needs a pause, Crypto has been moving in a stair step pattern, so it probably drifts sideways until the next Fed meeting. Bull and bear scenarios shown.

I'm just playing around with overlays from previous formations to get an idea of what it's gonna do. Not sure if it goes up or down, but I think it's not gonna do much for a month. No positions.

Comment:

Old support winds up being new resistance, so it's gonna have a hard time moving above my green resistance line, it was support back in 2021 multiple times as well as 2022 when it finally broke.

I guess that explains why it got rejected multiple times this week.

Comment:

Gotta wonder how long it takes for both US and Chinese customers to get scared and pull their money out of Binance. Especially the Chinese, they could lose their whole account.

www.cnbc.com/2023/03...hina-crypto-ban.html

If there is another tank, I think it happens during Asia trading hours. (I say if because you never know with crypto, lol)

Comment:

Guess I shou;ld've bought the dip yesterday, both my overlays had it going up this week, lol.

Comment:

Kinda funny, so far both overlays are correct, and both overlays have BTC going down for the next couple of weeks.

Of course SEC news could accelerate the drop...