Shorter term update (still think that BTC will go higher in the mid term but the path of how we get there in my mind has changed):
There's a lot of people assuming that we're going to retest the lows right now. That combined with the chart, leads me to believe that we'll see higher prices from here, before (the possibility) of going lower.
If you look at the chart, it looks like the rising wedge that we just broke down from has now formed into a broadening wedge. If that is the case, then I can see testing the top of the wedge at $28k, before we go lower.
The bottom of the wedge needs to hold for this idea to be valid. I'll have to reassess what happens after $28k should that target be hit.
Let's see what happens in the coming weeks.
There's a lot of people assuming that we're going to retest the lows right now. That combined with the chart, leads me to believe that we'll see higher prices from here, before (the possibility) of going lower.
If you look at the chart, it looks like the rising wedge that we just broke down from has now formed into a broadening wedge. If that is the case, then I can see testing the top of the wedge at $28k, before we go lower.
The bottom of the wedge needs to hold for this idea to be valid. I'll have to reassess what happens after $28k should that target be hit.
Let's see what happens in the coming weeks.
Comment:
Market turned this morning. $19351 is the next target where I'd expect a bounce. Then we'll reassess.
Comment:
Okay looking like that was a false breakdown. Idea still valid. First target that BTC needs to break up over is $23k. If it can do that, then $28k.
Comment:
Okay, if we can't bounce higher in the next day or two, there is a strong possibility that BTC falls from here to $15.5-$16k.
BTC seems to be forming a H&S that is visible on the daily timeframe. If it breaks the neckline, it could get ugly fast.
BTC seems to be forming a H&S that is visible on the daily timeframe. If it breaks the neckline, it could get ugly fast.
Comment:
The flip side is if we hold support here at $19.3k, then we go higher like planned. Just want to let you know both scenarios I'm watching. I'm still long for now.
Comment:
I'm back in cash. I don't like the small timeframe price action and want to stay out of the market until things start to look better.
Will update as price action plays out. If we go down, I'd be looking for a drop somewhere in the mid $16k range. Around $16.1-16.8.
Will update as price action plays out. If we go down, I'd be looking for a drop somewhere in the mid $16k range. Around $16.1-16.8.
