The BITCOIN REPORT
The below forms simply my opinion and is not meant to be financial advice.
A lot of bullish signs for BTC since a bottom of around $3300 finishing the week around the $5800 Mark. C oinbase and Bitfinex charts are very different. Bitfinex has broken our LOG Top resistance line turning resistance into support. Coming at the end of wave 5 so will be important to see if it can hold that support. A hold over the week would be a great sign.
Lets look at the coinable chart - The LOG Trend line is still meeting with resistance and a little push up to end the 5th wave would retest the 6k Mark. Previous price action is also a big part of TA and you can see on the chart that the $6000 was a huge resistance point a few months ago. BTC has also moved a long way away from the daily green cloud so a pullback would be the natural recourse of the market here. With all of these factors on board my analysis would say that a pullback is imminent. Personally i entered BTC at $3300 and $4900 This cycle pulling profits at $5200 and $6000 ( I trade on bitfinex)
This is a very important time for BTC from a trading perspective, a lot of signs saying that the market should now pullback a bit after this cycle, The daily cross has happened turning a long time of resistance into a long support... Now holding that support is the question.
For me, i will not be entering BTC here. I kept 15% of the BTC trade in BTC to let any long term winner ride so currently sitting mainly in USD with my spot coins that u accumulate stashed away. This is a tough one to pick because if BTC can actually break the LOG trend and hold.. we may see another bullish run, If this 5 waves does a retrace will will be looking to retest 5k again and sub 5 k. Build a plan on both ways but my personal opinion is that your better to wait for a confirmation of support right now at this stage. For traders, this was selling time.. Not buying time
The below forms simply my opinion and is not meant to be financial advice.
A lot of bullish signs for BTC since a bottom of around $3300 finishing the week around the $5800 Mark. C oinbase and Bitfinex charts are very different. Bitfinex has broken our LOG Top resistance line turning resistance into support. Coming at the end of wave 5 so will be important to see if it can hold that support. A hold over the week would be a great sign.
Lets look at the coinable chart - The LOG Trend line is still meeting with resistance and a little push up to end the 5th wave would retest the 6k Mark. Previous price action is also a big part of TA and you can see on the chart that the $6000 was a huge resistance point a few months ago. BTC has also moved a long way away from the daily green cloud so a pullback would be the natural recourse of the market here. With all of these factors on board my analysis would say that a pullback is imminent. Personally i entered BTC at $3300 and $4900 This cycle pulling profits at $5200 and $6000 ( I trade on bitfinex)
This is a very important time for BTC from a trading perspective, a lot of signs saying that the market should now pullback a bit after this cycle, The daily cross has happened turning a long time of resistance into a long support... Now holding that support is the question.
For me, i will not be entering BTC here. I kept 15% of the BTC trade in BTC to let any long term winner ride so currently sitting mainly in USD with my spot coins that u accumulate stashed away. This is a tough one to pick because if BTC can actually break the LOG trend and hold.. we may see another bullish run, If this 5 waves does a retrace will will be looking to retest 5k again and sub 5 k. Build a plan on both ways but my personal opinion is that your better to wait for a confirmation of support right now at this stage. For traders, this was selling time.. Not buying time