Lets face it, its exciting that BTC is on the verge of a potential breakout, is low as can be, price is static within its , something is going to happen this week. But its important that your Bias stays Mechnical and is not led by your emotions. We all want BTC to go long here, hell my portfolio could do with it, but lets not forget the markets we are playing here.
The Crypto markets are intensely manipulated, in my opinion it would be foolish to enter this market without the manipulation. The current formation is a indicating price should emerge , and IF this market is going long from this point, we need mass accumulation at the previous Price Reversal Area's (Either 3000 or 5000) in the form of a long shadowed candle similar to that in the picture.
I could plaster Fibonacci, MA's, Pivot's, Accumulation Indicators and all sorts on the chart but there is not any point. The markets are manipulated, and if we think a bull run is coming without a high reversal then that would frankly be a shock. Either Whales, Hedge Funds or Institutions want price as low as possible and will be happy to collect all the BTC that is sold in panic / Stopped out as price goes through the obvious demand area. Its fairly standard price action at the end of a / Break & Retest so this may not be be any different.
I wouldn't recommend buying now, or if price pushes through the downtrend line until at least the first retracement happens. I believe there is going to be a Bull Trap set-up. Certainly, I will be prepared with my investments on my selected Alt-Coins when the market does reach its bottom. I may even Short BTC as a slight hedge against my portfolio if the Bull-Trap presents.
Not the popular thesis, but the likely one. Trade wisely, invest wisely.