BTC - time for a correction or just a short pullback ?
Hi all,
Long time no see. I was on a vacation for the last ten days just to get rid of the accumulated stress, but no back to the rat race as Robert Kiyosaki formulated it once. It means - you are not poor, nor rich, but considered part of the middle class, which often falls into a trap called the middle-income trap. You think you earn enough money to buy stuff, live good, etc, etc but the reality is you are more and more dependant on your income to cover your expenses and you end up being poorer and paying more taxes and costs of living.
What is the escape plan ? For all of us it's Bitcoin , of course, lol (or traditional markets since most of the people are trading both). Is it volatile? Yes! Is it risky? Yes! Is it manipulated? To some extend yes! But so are traditional markets. The difference here is that the risk-reward ratio is way higher. With great risk, you will get great results, great profits.
But enough philosophy...
Going back to the BTC chart, I locked in some profit when BTC hit $11,200 (I think it was on Thursday) as I expected some fight around $11,300 -$11,500 level, which eventually happened. I still hold long positions there but let's say I went out like 25%.
On the Monthly timeframe, Bitcoin made a higher high and surpassed the July 2019 levels turning $10,700 into a support zone . We have to possibilities here - a pullback towards the horizontal support or extension of the uptrend to the weekly high at $11,500.
1M
1W
So, on monthly we have Higher Low + Higher High, then on the weekly, there is Lower Low and a Higher High, still below the last visited High from last year.
What we need here is for bulls to preserve the$11,000- $10,900 minor support area and hopefully close above $11,500 to print a new weekly high. Then consolidate in the $11,500 - $11,800 zone and prepare for the next phase up to $14,000.
Pullback below $10,400 will be catastrophic and turn things extremely bearish . What I don't like here is that since yesterday morning, the 24-hour trading volumes are losing momentum, going to values around $20 billion as of the time of writing this.
In the meantime, looking at the 4-h chart, there is a nice bearish flag in the making, which might drag us all the way down to $10,400 (10,360), but let's hope (or not if you are a bear) to invalidate the pattern by moving above the pattern boundary.
Cheers,
Long time no see. I was on a vacation for the last ten days just to get rid of the accumulated stress, but no back to the rat race as Robert Kiyosaki formulated it once. It means - you are not poor, nor rich, but considered part of the middle class, which often falls into a trap called the middle-income trap. You think you earn enough money to buy stuff, live good, etc, etc but the reality is you are more and more dependant on your income to cover your expenses and you end up being poorer and paying more taxes and costs of living.
What is the escape plan ? For all of us it's Bitcoin , of course, lol (or traditional markets since most of the people are trading both). Is it volatile? Yes! Is it risky? Yes! Is it manipulated? To some extend yes! But so are traditional markets. The difference here is that the risk-reward ratio is way higher. With great risk, you will get great results, great profits.
But enough philosophy...
Going back to the BTC chart, I locked in some profit when BTC hit $11,200 (I think it was on Thursday) as I expected some fight around $11,300 -$11,500 level, which eventually happened. I still hold long positions there but let's say I went out like 25%.
On the Monthly timeframe, Bitcoin made a higher high and surpassed the July 2019 levels turning $10,700 into a support zone . We have to possibilities here - a pullback towards the horizontal support or extension of the uptrend to the weekly high at $11,500.
1M
1W
So, on monthly we have Higher Low + Higher High, then on the weekly, there is Lower Low and a Higher High, still below the last visited High from last year.
What we need here is for bulls to preserve the$11,000- $10,900 minor support area and hopefully close above $11,500 to print a new weekly high. Then consolidate in the $11,500 - $11,800 zone and prepare for the next phase up to $14,000.
Pullback below $10,400 will be catastrophic and turn things extremely bearish . What I don't like here is that since yesterday morning, the 24-hour trading volumes are losing momentum, going to values around $20 billion as of the time of writing this.
In the meantime, looking at the 4-h chart, there is a nice bearish flag in the making, which might drag us all the way down to $10,400 (10,360), but let's hope (or not if you are a bear) to invalidate the pattern by moving above the pattern boundary.
Cheers,