YIKES. BTC BULLS RLY NEED A RALLY HERE.. will BEARS let them?
It's been a long couple days, I'll admit. It's quite boring watching BTC go sideways. Trading the chop is never easy, especially in a space where so much manipulation goes on. I like taking the neutral position often, until a clear and distinct trend shows its beautiful head. We are at a fork in the road coming up very shortly here. Let's take a step back and see what bitcoin has in store, as we head towards the end of our symmetric triangle.
Technically, this triangle should be a continuation formation, which would be of the bullish kind. However, with so much pressure, a downward break from the 7700 level would not be surprising. Disrespecting that bottom, should send is free falling down to test our previous low of 6000. I've indicated these two key points with circles in the chart. A case could be made that we'd find support at the 7200 level (previous low).. I don't buy it. There may be some consolidation at those levels, however, that level was a test of the bottom of our triangle, which would be violated if bitcoin decided to break down.
I know.. a lot of bearish information. Let's talk about the bulls for a moment here. It is possible that we are merely testing the bottom of the triangle. This would mean that the bulls have one last chance at testing the top of the triangle near the 9000 level. We've hit a lot of resistance there in the past days, and so it is a tough road ahead. The risk for reward is 50/50 on tis one.. However, we almost have to HOPE that the BULLS can clinch their way out of this one, if we want to have a real shot in the macro sense.
Beyond technicals, bitcoin is a movement for decentralization and freeing the unbanked. Sentiment has been in the gutters.. blowing past our previous lows here, would send sentiment plummeting. The weaker the sentiment, the harder it will become for this movement to be heard.
Let's wait and see how this plays out.
SHORT: BEAR
MID: BEAR
LONG: BULL
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
Technically, this triangle should be a continuation formation, which would be of the bullish kind. However, with so much pressure, a downward break from the 7700 level would not be surprising. Disrespecting that bottom, should send is free falling down to test our previous low of 6000. I've indicated these two key points with circles in the chart. A case could be made that we'd find support at the 7200 level (previous low).. I don't buy it. There may be some consolidation at those levels, however, that level was a test of the bottom of our triangle, which would be violated if bitcoin decided to break down.
I know.. a lot of bearish information. Let's talk about the bulls for a moment here. It is possible that we are merely testing the bottom of the triangle. This would mean that the bulls have one last chance at testing the top of the triangle near the 9000 level. We've hit a lot of resistance there in the past days, and so it is a tough road ahead. The risk for reward is 50/50 on tis one.. However, we almost have to HOPE that the BULLS can clinch their way out of this one, if we want to have a real shot in the macro sense.
Beyond technicals, bitcoin is a movement for decentralization and freeing the unbanked. Sentiment has been in the gutters.. blowing past our previous lows here, would send sentiment plummeting. The weaker the sentiment, the harder it will become for this movement to be heard.
Let's wait and see how this plays out.
SHORT: BEAR
MID: BEAR
LONG: BULL
You're responsible for your own choices, this is my own personal analysis and there are always risks involved. I try to lay out the potential risk:reward in the near future for entertainment purposes only.
gl;hf
gl;hf