After the short reversal from 51k, I decided to look at the charts from a different perspective and noticed what seems to be an inverted H/S within an ascending triangle. There is currently strong resistance just under 52K.
If we can break and close above 52k then without a doubt, I feel that will confirm that the bulls are completely in control.
If I extend most of the recent short-term trend lines, they will show something similar. So I decided to chart a diagram below price to show something similar to what I propose to happen.
Before any trade, I like to look for reasons not to enter, this helps me pick quality trades and to curb overtrading.
Reasons not to enter:
1. Main resistance hasn't been broken yet
2. Low volume
3. Until we break 52, Im still convinced we should have tested 40k
4. US Tech 100 has an effect on BTC, it'll be best to wait and see the reaction at the NY Open.
5. Could be a fake out situation, and we break downwards.
Let me know your thoughts.
Previous Analysis linked and also in the comments.
If we can break and close above 52k then without a doubt, I feel that will confirm that the bulls are completely in control.
If I extend most of the recent short-term trend lines, they will show something similar. So I decided to chart a diagram below price to show something similar to what I propose to happen.
Before any trade, I like to look for reasons not to enter, this helps me pick quality trades and to curb overtrading.
Reasons not to enter:
1. Main resistance hasn't been broken yet
2. Low volume
3. Until we break 52, Im still convinced we should have tested 40k
4. US Tech 100 has an effect on BTC, it'll be best to wait and see the reaction at the NY Open.
5. Could be a fake out situation, and we break downwards.
Let me know your thoughts.
Previous Analysis linked and also in the comments.
Comment:
Previous Analysis
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
