Halving has passed and in my opinion now is the right time to dot the i's and cross the t's.
Bitcoin has formed an ascending channel and currently is following the up-trend. The down-border of this up-trend is located at the $7450 point, I've marked this level with the red rectangle. Coming back to the ascending channel: everybody know that ascending channels lead to the dump and ones breakdown. So, it is legitimate to expect a dump. There are few reasons which confirms the dump-theory:
However, there are some bullish factors as well: we have tested the lower point of support $8115 and took hold above higher point of support $8500 by the candle's body. Honestly speaking, the $8500 level is a guarantor of your LONGs safety (as long as we stay above, priority is upward). So, we also admit a possibility of a flat which will gradually drag the price to the support of the ascending channel in order to break it.
So, why not a pump from current points? The reason is quite simple - the current growth started almost two months ago; during this period there were opened a bunch of LONG positions and closed a bunch of SHORTs, relatively. At the moment we can see 25k $BTC in LONGs and only 5k $BTC in SHORTs, according to the Bitfinex data. It is really hard to pump the price upwards, so much easier to dump it and kill at least a part of these LONG positions.
What positions can be opened at the current situation?
1. SHORT from current point of $8800 with the low (2x - 4x) leverage
2. SHORT during the retest of the channel after one's breakdown
3. LONG aggressively from current points if $8800 with the high leverage
Hope you enjoyed reading my idea, if it is so - don't forget to Like it! Moreover, you can find more signals in our telegram channel. Also, you can support us by becoming our Bybit referral 😇. All links can be found below this idea.
Bitcoin has formed an ascending channel and currently is following the up-trend. The down-border of this up-trend is located at the $7450 point, I've marked this level with the red rectangle. Coming back to the ascending channel: everybody know that ascending channels lead to the dump and ones breakdown. So, it is legitimate to expect a dump. There are few reasons which confirms the dump-theory:
- We can see a formation of the bearish divergence on the RSI. Usually this pattern signs about the finish of an ascending channel formation
- Elliott triple combo wave (WXYXZ)
- The price of $BTC approached the support with the third time. As we know, usually global supports ask for three touches before being broken
However, there are some bullish factors as well: we have tested the lower point of support $8115 and took hold above higher point of support $8500 by the candle's body. Honestly speaking, the $8500 level is a guarantor of your LONGs safety (as long as we stay above, priority is upward). So, we also admit a possibility of a flat which will gradually drag the price to the support of the ascending channel in order to break it.
So, why not a pump from current points? The reason is quite simple - the current growth started almost two months ago; during this period there were opened a bunch of LONG positions and closed a bunch of SHORTs, relatively. At the moment we can see 25k $BTC in LONGs and only 5k $BTC in SHORTs, according to the Bitfinex data. It is really hard to pump the price upwards, so much easier to dump it and kill at least a part of these LONG positions.
What positions can be opened at the current situation?
1. SHORT from current point of $8800 with the low (2x - 4x) leverage
2. SHORT during the retest of the channel after one's breakdown
3. LONG aggressively from current points if $8800 with the high leverage
Hope you enjoyed reading my idea, if it is so - don't forget to Like it! Moreover, you can find more signals in our telegram channel. Also, you can support us by becoming our Bybit referral 😇. All links can be found below this idea.
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Let's talk about the crosses on MAs as well (check the chart above). As we know, they form almost a perfect trend-indicator. Previous golden and death crosses have perfectly notified us about the trend-reversal. At the moment we're following the Golden Cross and a fast touch of $7450 won't change the situation. However, if the price stays there for a long time - the trend would be changed to the bearish.