I broke down the range we have been trading in for 2.03 years for BTC. This range is has been sub-divided into smaller areas of support and resistance. This is to help predict what we may be able to expect based on the historical information that we have available which is the ONLY way to trade. Remember, its not about what we think or want to happen. TA is about what is the most likely outcome based on the data available. This is why I chose to use the weekly chart for this. It puts a lot of things into perspective.
I don't know about you but personally, I am tired of hearing about "20k Bitcoin".. The target is actually 19.5k. This was a difficult level for us to break and we are very close to finding out if it will hold.
The next level is 13.7k. We had a rough time getting above this level and if we lose 19.5k, this is the area we are likely to see.
In order for any of this to happen, we are going to need a weekly candle to close OUTSIDE of the trading range we have been in since January 2020. When this happens expect the floodgates to open. Until then, expect us to bounce back up towards the median line displayed in the Bollinger band. A rejection at this level will likely be the catalyst for capitulation that all my bears have been waiting on. Keep in mind that entering in a long trade in hopes of scalping the top is very risky. If you decide to make this move practice proper risk management especially if you're trading with leverage.
To all my bulls... Well, we need to regain support at 40k in order to completely reverse this downtrend. The chances of that happening at this point are slim. If you're a hodler, DCA and wait as this period will not last forever. It is also a great opportunity to accumulate many reputable ALT coins.
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Remember to always DYOR and to never base your financial decisions on what WhiteJesus says... I'm just a guy on the internet.
I don't know about you but personally, I am tired of hearing about "20k Bitcoin".. The target is actually 19.5k. This was a difficult level for us to break and we are very close to finding out if it will hold.
The next level is 13.7k. We had a rough time getting above this level and if we lose 19.5k, this is the area we are likely to see.
In order for any of this to happen, we are going to need a weekly candle to close OUTSIDE of the trading range we have been in since January 2020. When this happens expect the floodgates to open. Until then, expect us to bounce back up towards the median line displayed in the Bollinger band. A rejection at this level will likely be the catalyst for capitulation that all my bears have been waiting on. Keep in mind that entering in a long trade in hopes of scalping the top is very risky. If you decide to make this move practice proper risk management especially if you're trading with leverage.
To all my bulls... Well, we need to regain support at 40k in order to completely reverse this downtrend. The chances of that happening at this point are slim. If you're a hodler, DCA and wait as this period will not last forever. It is also a great opportunity to accumulate many reputable ALT coins.
Please comment, like and follow for more content!
Remember to always DYOR and to never base your financial decisions on what WhiteJesus says... I'm just a guy on the internet.