🤔 Let's do a split time analysis on some big timeframes for bitcoin on the 3day and the weekly.
If you've been living under a rock for the past month, we've been struggling to break the highs of 10k - 10.5k A lot of sideways action range as we sit under the major Resistance level from the all time high downward pressure. The 3 day is showing a chain of dojis and firing red with all the ema dots firing red. The weekly is starting to slow down some and begin to compress. UNTIL YOUR HIGH IS BROKEN YOU CAN NOT BE BULLSIH! If this is Distribution expect a major drop in the btc market.
I would love to see a selloff to the bottom of the overall pennant. I do think bitcoin is still extremely bullish for the longterm but I do see this as one more opportunity to get some cheap bitcoins. Stay open minded and play it by what is shown. It's never a good idea to be a permabull or a permabear. Like I said I am not bullish on this till it breaks that one major level of Resistance and can actually hold it as new support.
Resistance as been strong and held its ground. I'm saving in Hope's for a drop in the markets with anticipation to short bitcoin.
I'm in no rush to load up.
I hope you all have an awesome trading week! Cheers! 🍺🍺🍺