It might look like a channel.... but if you extend the lines you can see that they are actually not parallel to each other. BTC is forming a very wide, very long, very big RISING WEDGE on the 4h timeframe.
Today we already had an opportunity for daytraders to scalp (see my chart from earlier, perfect entry and perfect profit) but the dip was very rapidly bought by bulls (with very low volume too). The market seems undecided: nobody wants to act and with very few buyers we've had some 48 hours of firm growth, but at this low volume, any dump could trigger a disaster for longers and holders.
The short:long ratio is still absurdly high in favor of shorts, which could potentially trigger a squeeze but, unless a whale pulls the trigger, I am pretty sure that the market will not organically do it.
As expected, we hit a wall at 6620 (the old top of the ascending triangle from last week, which was subsequently a support after the huge market buy from a few days ago) and we bounced, although not very convincingly. I thought of leaving an order there for a short, and could have scalped some money, but the market is buying the dips very rapidly and having already scalped earlier I didn't want to push my chances.
Right now, 6838 seems like a GREAT entry for a short, since its the top of the wedge, and it will take an enourmous effort from the bulls to break it, and the potential target for profit is close to 6300 so thats almost an 8% profit, good trade even without leverage. I will be setting an order there with about 3/4 of a position, leaving a 1/4 just in case, since the market could surprise us again, as it has been doing for the past two weeks. Stops would be over 7100, since that would break the top blue line on the chart, which has already given me three perfect entrys for very profitable shorts over the past 15 days. If that is broken, I would think that the bulls have, at least temporarily, regained controlsince it would mean that a 16 day HARD resistance has been broken.
Safe trades!
Today we already had an opportunity for daytraders to scalp (see my chart from earlier, perfect entry and perfect profit) but the dip was very rapidly bought by bulls (with very low volume too). The market seems undecided: nobody wants to act and with very few buyers we've had some 48 hours of firm growth, but at this low volume, any dump could trigger a disaster for longers and holders.
The short:long ratio is still absurdly high in favor of shorts, which could potentially trigger a squeeze but, unless a whale pulls the trigger, I am pretty sure that the market will not organically do it.
As expected, we hit a wall at 6620 (the old top of the ascending triangle from last week, which was subsequently a support after the huge market buy from a few days ago) and we bounced, although not very convincingly. I thought of leaving an order there for a short, and could have scalped some money, but the market is buying the dips very rapidly and having already scalped earlier I didn't want to push my chances.
Right now, 6838 seems like a GREAT entry for a short, since its the top of the wedge, and it will take an enourmous effort from the bulls to break it, and the potential target for profit is close to 6300 so thats almost an 8% profit, good trade even without leverage. I will be setting an order there with about 3/4 of a position, leaving a 1/4 just in case, since the market could surprise us again, as it has been doing for the past two weeks. Stops would be over 7100, since that would break the top blue line on the chart, which has already given me three perfect entrys for very profitable shorts over the past 15 days. If that is broken, I would think that the bulls have, at least temporarily, regained controlsince it would mean that a 16 day HARD resistance has been broken.
Safe trades!