Given the 20k ATH , the 14k high, and the recent , BTC has many key resistances layered between 9.4k - 10k. The longer resistances take to develop, the harder they are to break. As a result, before these resistances are broken, our bias remains on the short side.
There are currently many differences regarding how to make sense of the recent 7-8% rise. Some believe this breaks us out of the triangle into the next motive wave upwards (either wave 5 or wave 1 of next bigger moon move). Others (like us) believe it's part of a larger corrective wave to the downside (Wave B). However, regardless of which side one is on, the one thing that we should agree on is there's at least a 300-500 correction ahead very soon. Even for the most scenario (we are in wave 1 of the next bigger structure to create ATH ), wave1 needs to correct, and with that many resistances, and wave 1 being the wave with “disbelief”, we are looking at a .
Do you agree or disagree? All thoughts and critics are welcomed!
🌐 We believe in the power of blockchain data analysis!
Why are you using BTC against the Dollar. The dollar is falling fast everywhere, so why should I short the Bitcoin.
I use the BTC/EUR on a daily chart because the EUR is way more stable than the USD and only 2 indicators - 30 SMA (a month of data) for a directional baseline and standard ATR for volume.
Have a look at it. You will see that the price is over the SMA and the ATR is very low. I have no reason to go short and the price is not going anywhere.
To explain the resent price jump on BTC/UDS, have a look at EUR/UDS and you will se that the dollar is falling. Bitcoin is not going anywhere.