The previous wedge went as anticipated. There was a pretty solid fight towards the end of the wedge but bears prevailed. On the short term we could be looking at another extension down. There is slight bearish divergence on the RSI and bull volume hasn't yet shown enough strength to kick us into an impulse wave back up. If the extension stops at our next channel resistance (6,460), we could see an impulse wave back to the 6,900 region. If we break through 6,460 on the extension we can retest 6,425 and perhaps 6,000 before our next bullish impulse wave for a potentially decent swing trade.
If you are a day-trader or short-term swing trader this level of TA can be helpful. If you look at BTC on a macro level and are more of a longer-term hold kind of person, it is a good spot to be stacking buys at key resistance areas with a portion of your portfolio. The anticipated timeline of your investment can change your target and in so doing also changes your required stop-loss to manage risk. If this thing takes off and you are caught holding a portion of your portfolio in USD, you can enter more of your portfolio at the confirmation of the CLOSE of our next bullish wave 2. Catching wave 1 of an impulse wave is often seen as the unicorn call, but if you are trying to increase your percentage of winning trades vs losing, saving a portion of your portfolio for a confirmed wave 3 start can be a decent way to do it.
If you are a day-trader or short-term swing trader this level of TA can be helpful. If you look at BTC on a macro level and are more of a longer-term hold kind of person, it is a good spot to be stacking buys at key resistance areas with a portion of your portfolio. The anticipated timeline of your investment can change your target and in so doing also changes your required stop-loss to manage risk. If this thing takes off and you are caught holding a portion of your portfolio in USD, you can enter more of your portfolio at the confirmation of the CLOSE of our next bullish wave 2. Catching wave 1 of an impulse wave is often seen as the unicorn call, but if you are trying to increase your percentage of winning trades vs losing, saving a portion of your portfolio for a confirmed wave 3 start can be a decent way to do it.
