I see Bitcoin as ready to fall as its next move. Short sellers are positioning. Volumes are falling
in a signal of capitulation. Relative strength is showing bearish divergence while price is in
consolidation. The boxes are checked and it is the weekend when the price volume trend is
typically sideways. This is demonstrated by the flatline PVT. I will short Bitcoin when I see
a bit of a volume push. I will reassess by crypto-related stock and options positions in due
diligence to protect risk.
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Bitcoin is down $400 from its high pivot. It remains to be whether consolidation persists or instead the breakdown and reversal is now underway.
5 minte zoom -in here:
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Traders both long and short are in a tug o' war. No significant movement of late. The current battle continues until one side is fatigued in the effort. May the victors enjoy the spoils.
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Bitcoin may be now trending instead of a consolidation range. It may be targeting 50700 to 50300 to pick up support. I will start buying to cover in that zone and look to reverse my position.
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Bitcoin trying but failing to get over the resistance of the high of last week. Shorted again from the best possible entry.
Trade closed: target reached
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BTC price action got to my short target. Trading long now to the overhead target of 52400, taking what is there and believing that it is range bound for the time being.
Zoom-in link here
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Channel trading for now short target 51050 and long target after the close and reopen is 52450
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Short targeting 51050 will then close and switch sides long targeting 51950. Adjusting stop loss while underway with dynamic ATRs to keep tight.
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Close short open long.
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Bitcoin stuck in a range
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Bitcoin broke down under my given ranging zone and is retesting the level for resistance. Trading short for now
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Bitcoin now trying to get above the price level of the apex of a flat bottom triangle. tick by tick awaiting more direction but trading short for now in a lesser position
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BTC long from the retrace and test of suppor there
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BTCUSD settled into a consolidation ager a push to 62K. RSI lines are about 50. MACD histogram and lines are about0. I find this a good place to add to a long position,
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BTCUSD price action shows a breakout from the triangle now with bullish momentum perhaps to carry price to FWB:65K
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Bitcoin now at 66.2K with 65K for support. Is now a good add entry just above 65.
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Bitocin on the approach to the highs of 2021 and may gain momentum if it can crack that resistance
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Bitcoin now pushing for 70.000
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Price action compressed in a triangle awaiting a break of the trendlines
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Indicators suggest a bullish bias,
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Bitcoin topped out at 70035 and overdue for a minor correstion and weekend rest.
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Lux Aglo gaussian regression line algo forecasts price will continue higher until a peak about Thursday March 21st. Time will tell. Bullish bias confirmed.
@MyCryptoParadise_Simon, Yes, I believe that it will develop down. If on the other hand, a base is building for another leg up. I will be happy to add to my position instead of closing it. The present flat parallel channel on the lowest of time frames is needing volume to make a breakout on a microscale. Thanks for you comment.