BITCOIN - Are You Going To Wait For It?

As per our last analysis (attached below), we know that Bitcoin is still overall bullish and we will be looking for trend-following buy setups as it approaches the lower brown trendline.

As you can see now, Bitcoin is forming a channel in red (not valid yet) so we will be waiting for a third swing high to form around our upper red trendline to consider it valid.

Trigger: when the third swing is formed (as shown in purple) we will consider it our trigger swing, and buy after a momentum candle close above it.

Or whatever your trading plan is. always follow your trading plan.

Our stop loss always goes just below the last swing low, and we target the double of our stop loss size.

Unless Bitcoin breaks below the lower brown trendline (and its last swing low) then and only then the momentum would be shifted from bullish to bearish.

For now, we are still overall bullish (long-term) and looking for trend-following buy setups around our lower brown trendline which acts as non-horizontal support.

Good Luck

~Rich