Lots of bearish posts on BTCUSD lately, is it warranted?
Okay we have had some sizeable drops over the last 24+ hours and we are starting to see a lot of bearish calls about BTC going down under 8k. Generally, when we get into this type of mass mindset, the contrarian in me says go the opposite but lets first let's look at the charts and how things are setting up.
I have linked notes on this chart, so it is pretty obvious that we should see BTC break out of the sideways movement (accumulation/distribution) to the top side, we are in a bullflag/pennant currently and moving towards the end of a large symmetrical triangle that is set between the two major longterm trend lines, both very bullish patterns, we are sitting in a zone of overslod and have been there for quite a while, as well as some divergence on the MACD but will need to watch, for a crossover of the signal line.
As usual, if you are not in a trade already and you plan on getting in, wait for an entry and confirmation of a breakout, if you are using leverage, keep it low as this will take a few days to playout.
Good Luck Friends and remember this isn't financial advice and I in no way am advising you to actually trade, I am just trying to share some nuggets of knowledge, to help you be better informed.
I have linked notes on this chart, so it is pretty obvious that we should see BTC break out of the sideways movement (accumulation/distribution) to the top side, we are in a bullflag/pennant currently and moving towards the end of a large symmetrical triangle that is set between the two major longterm trend lines, both very bullish patterns, we are sitting in a zone of overslod and have been there for quite a while, as well as some divergence on the MACD but will need to watch, for a crossover of the signal line.
As usual, if you are not in a trade already and you plan on getting in, wait for an entry and confirmation of a breakout, if you are using leverage, keep it low as this will take a few days to playout.
Good Luck Friends and remember this isn't financial advice and I in no way am advising you to actually trade, I am just trying to share some nuggets of knowledge, to help you be better informed.
Comment:
Caution advised, smaller bear flag has formed but currently has been broken to the top side on the 1hr chart, could reverse, be vigilant.
