Hi dear Patrons, hope you are well.
First of all thanks for the support, secondly, as you know that on a weekly time frame, Bitcoin is moving above the key support of $28600 and there is also a bullish divergence flashed as the priceline is forming a lower low but Stochastic is setting a higher than the previous low.
At the same time, on a 4-hr time frame, BTC has formed a descending triangle, and the support of this triangle is exactly at the long-term support of $28.6K.
Therefore, it is possible that sooner or later after some sideways move Bitcoin may have another reversal move from here.
But if Bitcoin breaks down the support of $28.6K, then there will be a higher probability of testing 200 weekly simple moving average support which is at $21958 (almost 22K) at the time of writing, or in the worst case, we may have a spike up to the previous high of Dec 2017, which was $20K.
And in the aforementioned situation (which I am not expecting unless BTC breaks down $28.6K support and stochastic forms lower low on weekly), There can be a bearish or extreme sideways trend for at least 2 months. During this period there can be a lot of great short-term, shorting opportunities in different alts.
Therefore, your feedback is required, as crypto enthusiastic, I am not in favor of shorting crypto, but it can be an opportunity for those who are interested in shorts, and if you give your feedback in favor of ideas for shorts, then I will post the trades accordingly (if the bearish trend will be prolonged).
Your feedback in this regard will be highly appreciated.
Thanks again for your great support and regards,
Atif (moon333)
First of all thanks for the support, secondly, as you know that on a weekly time frame, Bitcoin is moving above the key support of $28600 and there is also a bullish divergence flashed as the priceline is forming a lower low but Stochastic is setting a higher than the previous low.
At the same time, on a 4-hr time frame, BTC has formed a descending triangle, and the support of this triangle is exactly at the long-term support of $28.6K.
Therefore, it is possible that sooner or later after some sideways move Bitcoin may have another reversal move from here.
But if Bitcoin breaks down the support of $28.6K, then there will be a higher probability of testing 200 weekly simple moving average support which is at $21958 (almost 22K) at the time of writing, or in the worst case, we may have a spike up to the previous high of Dec 2017, which was $20K.
And in the aforementioned situation (which I am not expecting unless BTC breaks down $28.6K support and stochastic forms lower low on weekly), There can be a bearish or extreme sideways trend for at least 2 months. During this period there can be a lot of great short-term, shorting opportunities in different alts.
Therefore, your feedback is required, as crypto enthusiastic, I am not in favor of shorting crypto, but it can be an opportunity for those who are interested in shorts, and if you give your feedback in favor of ideas for shorts, then I will post the trades accordingly (if the bearish trend will be prolonged).
Your feedback in this regard will be highly appreciated.
Thanks again for your great support and regards,
Atif (moon333)