ColonelCrypto
Long

“Be greedy when the market is fearful” Still Bullish BTC

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Please see previous post for further detail in terms of entry and targets.

As far as I am concerned, we still have a strong support in play here on the 1D chart, backed up by the 4hr. Ascending triangle in play is still bullish . Bulls have backed and defended round 8700 - 8900 now repeatedly and we are consolidating here.

I expect to see another retest of the 11700 range resistance and perhaps another cycle towards the apex. Bear in mind that triangular patterns very rarely complete all the way to the apex. I expect to see a breakout above or below before the apex here.

My personal bias is bullish breakout.

Many others see a bearish break.

Each to their own.

Remembering that if any one of us really Knew exactly what was going to happen, we’d all be billionaires haha.

Should we breakout to the downside, I expect to see a shorter term aggressive move to the downside support levels and will update accordingly. Realistically aggressive breaks bearish will take us to retest previous lows around ballpark 6k although I would expect a very powerful bounce from those levels if we ever see them again. And I don’t see that as likely at all right now. Just putting it out there as a trader wanting to balance my views and assess all the risks.

I trade with my money, and take responsibility for my own trades. I suggest you all do the same, and I wish you all the best.

Trade safe,

The Colonel xxx
Comment: As we have seen today, the market has moved to the downside of this triangle. On the 4hr we have now closed below, which is a short term bearish sign here. We may still close above, back inside the triangle structure, on the daily chart. This would be a positive sign, although having now pierced that downside support, it would be weaker in the future. Strong support level below lies around 8300 if current levels do not hold, above still would targeting 11500-11800.

Trade safe.
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