The last 48 hours of price action have been pretty much in the range where a correction and an up move are still almost equally possible. We're going up or down... Useful info right? well luckily there's things we can look for even amidst total market confusion to help us reach more accurate conclusions and turn an "up or down" scenario into watching for tactical levels where a short or buy opportunity can be asserted. Today we will be looking at those.
Bitcoin is trading at 6330, an up day from the red candle seen on the last 12 hourly candle closing considerably lower at 6289 after finding resistance on the 20 moving average. The current candle looks strong, but isn't sponsored by any support structure nor any real conviction that we're super bullish here. Sure if you bought a long below this price I suppose it's worth a hold and a speculation as to what happens (Providing I bought pretty early) but apart from that I would be waiting, and certainly wouldn't be short, as that defies the neutral sentiment and short term price action says it's a rubbish idea.)
The current green candle shows weakness to me also. It's not really above the previous red candle, which in itself isn't much, but reading between the lines it's soon clear that it's the 20 moving average resistance that is causing that range to not be broken successfully.
So it's a catch 22. It defies logic at current levels to short, and upside is severely hindered due to breaking the candle range, and the 20 moving average acting as a clear resistance. Also bear in mind even IF Bitcoin breaks 20 moving average resistance, it then has to break the 200 and 50 moving average not far above it... so a bullish move would require a consistent, quantitative, and persistent set of hands putting pressure on the market to break such levels. Certainly not impossible though.
There's no real trade yet. It's jumped out of the long entry zone where best risk/reward can be applied, and it's in a short term pump according to the candles which also must be considered. Conclusion: Sit on your hands.
Where do YOU think price is headed? Leave a comment below with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Bitcoin is trading at 6330, an up day from the red candle seen on the last 12 hourly candle closing considerably lower at 6289 after finding resistance on the 20 moving average. The current candle looks strong, but isn't sponsored by any support structure nor any real conviction that we're super bullish here. Sure if you bought a long below this price I suppose it's worth a hold and a speculation as to what happens (Providing I bought pretty early) but apart from that I would be waiting, and certainly wouldn't be short, as that defies the neutral sentiment and short term price action says it's a rubbish idea.)
The current green candle shows weakness to me also. It's not really above the previous red candle, which in itself isn't much, but reading between the lines it's soon clear that it's the 20 moving average resistance that is causing that range to not be broken successfully.
So it's a catch 22. It defies logic at current levels to short, and upside is severely hindered due to breaking the candle range, and the 20 moving average acting as a clear resistance. Also bear in mind even IF Bitcoin breaks 20 moving average resistance, it then has to break the 200 and 50 moving average not far above it... so a bullish move would require a consistent, quantitative, and persistent set of hands putting pressure on the market to break such levels. Certainly not impossible though.
There's no real trade yet. It's jumped out of the long entry zone where best risk/reward can be applied, and it's in a short term pump according to the candles which also must be considered. Conclusion: Sit on your hands.
Where do YOU think price is headed? Leave a comment below with a chart and let's share our thoughts!
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Let’s wait for a pullback and then we can buy on the correction.
Please leave a LIKE and FOLLOW. I’d really appreciate it. :-)