Hello traders. It seems we are at a critical point for bitcoin. I've written my thoughts and position in the chart. This is a great time to wait in cash. A new trend will form at the next test of 10k. Let's see how this plays out. Even if we break our current long term support, we still have a chart pattern that will allow us to test 10k again.
At this specific moment, we are extremely questioning the support we are clinging too, our long term resistance turned support line (Red). If we are to hold this line and retest our previous high, I think a breakthrough is inevitable, but always a chance to get dumped again. Although, I think the test would likely go to the next Gann line up, around 97-99 depending on time frame of pump.
Of course, a breakthrough of the long term trend line would likely devastate us for the short term.
For now I am in a long from 9500. My reasoning is because we are so close to support line, that if a break happens I have a stop loss pretty close by. Let's see how long bitcoin can sleep.
At this specific moment, we are extremely questioning the support we are clinging too, our long term resistance turned support line (Red). If we are to hold this line and retest our previous high, I think a breakthrough is inevitable, but always a chance to get dumped again. Although, I think the test would likely go to the next Gann line up, around 97-99 depending on time frame of pump.
Of course, a breakthrough of the long term trend line would likely devastate us for the short term.
For now I am in a long from 9500. My reasoning is because we are so close to support line, that if a break happens I have a stop loss pretty close by. Let's see how long bitcoin can sleep.
Comment:
Flipped to short, I don't see us holding the support into monday. Good luck traders.