BTC hasn't convinced me just yet. Too much Hype now.
We do have a nice uptrend on the 4Hr timeframe.
BTC needs tp break and establish 55K as support if it's going to continue this uptrend.
If this is accomplished the next barrier would be the ATH. Two things could happen here, it can break through the ATH take off to 60K or resist and create a double top which may push us back down. We have a major support level around 30K and if this tilts over we may head back down to that area.
I'm sure there are whales ready to take profit and reenter at the dip and help get their buddies in as well. We all know this is the wild wild west.
With all the hype built up around BTC I would be very cautious if entering for a long positions.
Before entering I would ask myself can I stomach a 20-50% loss? Will you be able to continue holding if it drops 20-50% or will you panic sale?
50% from here is pretty much BTC dropping down to 30K. Don't panic sell just BUY THE DIP, average out your cost and HODL!
The Halving is right around the corner. Your investment will double just form that alone.
This all is just my OPINION and what I have analyzed from reading Price Action. Not investment advice.
BTC needs tp break and establish 55K as support if it's going to continue this uptrend.
If this is accomplished the next barrier would be the ATH. Two things could happen here, it can break through the ATH take off to 60K or resist and create a double top which may push us back down. We have a major support level around 30K and if this tilts over we may head back down to that area.
I'm sure there are whales ready to take profit and reenter at the dip and help get their buddies in as well. We all know this is the wild wild west.
With all the hype built up around BTC I would be very cautious if entering for a long positions.
Before entering I would ask myself can I stomach a 20-50% loss? Will you be able to continue holding if it drops 20-50% or will you panic sale?
50% from here is pretty much BTC dropping down to 30K. Don't panic sell just BUY THE DIP, average out your cost and HODL!
The Halving is right around the corner. Your investment will double just form that alone.
This all is just my OPINION and what I have analyzed from reading Price Action. Not investment advice.
We have almost reached the ATH but had a strong rejection and have created a lower high on the 1Hr timeframe which could indicate the start of a push down. At the time of this update the 4Hr has 30mins left in the recent candle and depending on the close of this candle may determine which way we may be going.
BTC did create support at 55k so that is good and we may bounce around the 50k-60k area.