Bitcoin is currently holding just under $4,000 levels. If we direct our attention towards the chart above, we will see that even though this is the third pattern that we're having which has followed similar movement as to the last 2, this one strikes us as bit different. This time we're not seeing volatile swings up and down towards support and resistance levels. Unlike last two patterns this time we see strong and heavy accumulation since December of last year.
As historical data has proven, most long term accumulation periods do tend to lead toward a massive price actions upwards. Nevertheless we should not be blinded by accumulation but should also pay close attention towards a very strong resistance levels around $4,000 as we move toward April.
There's no safe trade to be taken at this time towards the upside or downside. We will have safe trading opportunity after we actually see a solid breakout on daily or for the risk takers, you can set buy orders above $4,000 breakout levels with tight stop losses set in case this does turn out top be a bull trap. Same goes for the bears and people looking to short this.
Current market sentiment has been overwhelmingly bullish which in crypto is not all that too often. With that said, if we follow pure logic, we would be looking at being bears in this pattern as usually for stock market, wherever the herd goes, you should usually run the other way. With that said we do not again recommend to go into any large trades on this set up and wait for a better opportunity as we actually break towards the downside or the upside.
Finally let's quickly run down few ALTS...
We have good trading opportunity on HOT, NPXS, XRP, TRX, ADA
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SMASH that LIKE button for support! Thank you guys - next few weeks will be VERY interesting
@reverie153, I was thinking that too, but this isn't 2013/2014/2015/2016/2017. This is 2019, and Bitcoin is too bullish to reach it's previous ATH without some SERIOUS resistance.
GL
frothmonsterrr
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Sorry if this sounds blunt or rude how how can you draw the bullish and bearish scenario above to show you opinion, when quite literally, the last stage of the 6k triangle did your bullish example and the dropped its nuts on all the bulltards faces? It dropped from 7400 then ranged along a flatfish bottom then took a nose dive. Im neither saying bitcoin is going up or down right now, my opinion doesn't matter. Im just curious as to what you're trying to say when you have a clearly conflicting image above
CryptoManiac101
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@frothmonster, No it didn't, we clearly had volatile swings upwards to resistance line. This time we don't have it
Jimmy_Ocean
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@frothmonster, good eye. 6-7 looks like an elongated 7 to 8
jy2tradez
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something to watch for the from a weekly perspective