BTC - Much Bullish Potential over the next few weeks
It did not take much effort to get back into the $6K area and the from this weekly chart you will notice that the lower boundary of the NEW BULLISH CHANNEL (white) is rising slightly higher every day. You many also notice that the upper boundary from our current trajectory is about $8500 over the next few weeks.
What does all this mean?
I would NOT want to be a PERMA-BEAR with this particular chart. Maybe around the upper channel boundary, whenever that gets hit (green arrow), would be a good time to take some risk on the short side, but it seems to me with this chart you are in the middle of no mans land. More and more support, trends, channel boundaries, and moving averages moving up to support prices from below and open skies above. That does not sound like the perfect short setup to me.
Will the price pull back? Elliot Wave theory dictates that it MUST after every 5 wave move with some sort of an ABC correction. Right? The question you bears have got to answer is when and how deep will that move be? The next question would be, is it worth the risk?
At the end of the day it is looking harder and harder to get back to those sub-$3K predictions many were making and are still making. Some are still calling for even lower prices. You be the judge, but based on what I am seeing, I don't think so.
Good luck!
What does all this mean?
I would NOT want to be a PERMA-BEAR with this particular chart. Maybe around the upper channel boundary, whenever that gets hit (green arrow), would be a good time to take some risk on the short side, but it seems to me with this chart you are in the middle of no mans land. More and more support, trends, channel boundaries, and moving averages moving up to support prices from below and open skies above. That does not sound like the perfect short setup to me.
Will the price pull back? Elliot Wave theory dictates that it MUST after every 5 wave move with some sort of an ABC correction. Right? The question you bears have got to answer is when and how deep will that move be? The next question would be, is it worth the risk?
At the end of the day it is looking harder and harder to get back to those sub-$3K predictions many were making and are still making. Some are still calling for even lower prices. You be the judge, but based on what I am seeing, I don't think so.
Good luck!