Hello All,
Here is a new look at the current price action in the Bitcoin price. If you have been following our analysis these drops in the Crypto Market should come as no surprise rather have been very profitable short opportunities. Never become emotionally attached to crypto, stock, or any tradable pair. Never have a bias just focus on the technicals.
---------------------------------------------------------------------------------------------------------------------------------
1. Right now it looks as we are going to bounce back towards about ~40K. This would push us to the resistance zone we have been building since the 15th of November 2021. We are currently in a downtrend and the bears are still in control. A fall from that resistance level would push us towards our strong 30K support zone.
2. If we do break the resistance zone either this time or next we can expect a big push to the upside following the technicals of a falling wedge pattern. Wait for a strong candle close above this resistance zone before entertaining a long position.
Trade this pattern accordingly, all-important zones are present on the chart.
Here is a new look at the current price action in the Bitcoin price. If you have been following our analysis these drops in the Crypto Market should come as no surprise rather have been very profitable short opportunities. Never become emotionally attached to crypto, stock, or any tradable pair. Never have a bias just focus on the technicals.
---------------------------------------------------------------------------------------------------------------------------------
1. Right now it looks as we are going to bounce back towards about ~40K. This would push us to the resistance zone we have been building since the 15th of November 2021. We are currently in a downtrend and the bears are still in control. A fall from that resistance level would push us towards our strong 30K support zone.
2. If we do break the resistance zone either this time or next we can expect a big push to the upside following the technicals of a falling wedge pattern. Wait for a strong candle close above this resistance zone before entertaining a long position.
Trade this pattern accordingly, all-important zones are present on the chart.
Comment:
Take profit on long position