We have been getting stuck in these sideways moves for a while now with Bitcoin, so what do you think?
1 = About to break out.
2 = Consolidating and will continue sideways for a while.
3 = This is the top and expect a drop back down the chart.
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Peaked through FWB:31K again. Could be a good sign.
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Adding this image as the 1,2 and 3 positions don't display on all resolutions.
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So indecisive but a big daily range of 6% as bulls and bears battle for direction.
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Personally, I'm hoping it's 1.
Thinking its probably 2.
And in Denial for 3.
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Squeeze was on so breakout it is:
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........ and back to range trading. Boring :)
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Broke below support and more sideways action.
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Finally back up above the 20 and 50 day moving average that were providing resistance (if you believe in that sort of thing). MACD looking more interesting though. Back below the 0 line and crossing which often indicates a bullish value area.
4. it will cross and make a new high, then drop. Just when you think it's going down, you'll be selling into a giant Black rock buy order and the price will shoot up as shorters get squeezed
zAngus
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@dietron, dammit. Sell the bottom you reckon? That's all kinds of awkward to trade but would seem consistent with how BTC robs from the poor and gives to the rich.
dietron
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@zAngus yep, BTC is king of the single pattern failure. My prediction is up to 31300, down to 28700, then up to 32k
zAngus
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@dietron, it can always find new ways to disappoint :)
Cryptodaveslife
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@dietron, totally agree I think push up to around 32.5k-33k before the next dump, liquidity grab 28.5k-29.5 then rip. Unless we flip this level over the weekend consolidate above and rip through the vol gap to 38.5k off the back of a Blackrocks victory case?
dietron
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@david94183 exactly 💯, giant short order will be near $32.3-33.3k Fomo buyers will just fill them. Shorters will have their giant buy orders below around 28.5 as you mentioned to refill their bags. Also, halving is around April 2024, just when the SEC will have to approve or deny Blackrocks ETF...don't listen to the noise it's getting approved. Make sure your bags are packed to sell in early 2025. I'm buying naked call options on Coin and Microstrategy to expire in March 2025