Although we had a nice bounce up during last 24h unfortunately this is not the time to buy yet.
We expect one large drop down to level $5800-$6000.
Most likely after that we can expect to have a trend reversal.
So looking at the chart we can see we are below TenkanSen which in our opinion is very accurate resistance/support when trading BTC and other alts. Right now TenkanSen is at level $6800. Once the price drops down TenkanSen follows and it should stop at $6200-$6500. This level will be our entry level but remember we have to cross TenkanSen for good. Don’t buy immediately after crossing this level as it may be bull trap or accumulation phase.
doesn’t show any signs of trend reversal. We are not saying of bull's cross but there is no even turn of the (blue line).
On Weis Waves chart we can’t see any signs of postivie movements. No signs of demand and supply (large red wave) is still growing. We have to wait for first green candles and waves and at the same time decreasing level of the supply.
Sentiment Zone Oscillator – this is our favourite lately. Although is shows we are strongly overbought we expect tripple or even quadruple bottom before we bounce up for good.
So you also think how high price of BTC might go this time. Well it seems that legislation uncertainty has a massive influence. As you probably know SEC decided to postpone its decision to grant permission to run first legal ETFs. It caused panic and chaos or maybe some big whales didn’t manage to buy BTC very low and they convinced SEC to wait until they do it. This is just conspiracy theory but we think it could happen. Once we hear first positive info from SEC we can expect bull really.
Do feel the same Traders?
Keep follow us in order not to miss the buy zone.
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