Hi Traders,
Happy Friday,
Today, I am looking at the king of all cryptos – BTC
We have seen nothing but bearish price movement recently.
We also had that major capitulation where everything sold off incredibly quickly.
If you’re a veteran crypto holder/investor then you’ve seen this type of action multiple times before.
If you’re new to the space, you can see how easily the retail emotions can kick in and people panic selling across the board.
No one knows for certain what Bitcoin is going to do in the short to mid-term future.
All I can say do is judge the charts accordingly. Right now, this 4- Hour chart looks like it’s breathing a little before deciding on its next move.
We have been stuck in this range for a while now caught between support and resistance.
We tried to break through a few days ago with a pop to the upside but could not achieve it.
We are also heading towards the descending trend line which means we could see a move soon.
We know BTC likes to break out of these patterns before reaching the end of any pattern.
Volume is low and very bearish at the moment.
Let’s see how this plays out.
IF we see a pop to the upside, we might be able to open a long position on the retrace to the pattern top
Conversely, we can say the same for a pop to the downside.
Let’s watch what happens.
Trade safe out there!
The Vortex Trader
Happy Friday,
Today, I am looking at the king of all cryptos – BTC
We have seen nothing but bearish price movement recently.
We also had that major capitulation where everything sold off incredibly quickly.
If you’re a veteran crypto holder/investor then you’ve seen this type of action multiple times before.
If you’re new to the space, you can see how easily the retail emotions can kick in and people panic selling across the board.
No one knows for certain what Bitcoin is going to do in the short to mid-term future.
All I can say do is judge the charts accordingly. Right now, this 4- Hour chart looks like it’s breathing a little before deciding on its next move.
We have been stuck in this range for a while now caught between support and resistance.
We tried to break through a few days ago with a pop to the upside but could not achieve it.
We are also heading towards the descending trend line which means we could see a move soon.
We know BTC likes to break out of these patterns before reaching the end of any pattern.
Volume is low and very bearish at the moment.
Let’s see how this plays out.
IF we see a pop to the upside, we might be able to open a long position on the retrace to the pattern top
Conversely, we can say the same for a pop to the downside.
Let’s watch what happens.
Trade safe out there!
The Vortex Trader