On a shorter time frame, BTC looks to be creating another bullish pattern after the recent impulse up.
This can end two ways:
- Firstly, it may initiate the start of further upside for BTC that will send it above the Daily 200MA...
- Secondly, it may break down from this region, and turn into a healthy pull-back as this price action since the 3rd Jan has been extremely steep and doesn't look to be the healthiest. (this is also suggested by RSI and Stochs on the daily as being overbought and very high).
Remember that this pattern has also played out to the downside, this is evident on the 5th of November last year:
Right now, I am waiting for an obvious signal from the market, and am cautious to enter as BTC's moves are very volatile. If this pattern breaks down, I may play it short, but more importantly, I will be entering more capital at lower prices as I prefer to use the Dollar Cost Averaging method and keep BTC long term. - Be careful trading bitcoin short term, it is extremely risky.
This can end two ways:
- Firstly, it may initiate the start of further upside for BTC that will send it above the Daily 200MA...
- Secondly, it may break down from this region, and turn into a healthy pull-back as this price action since the 3rd Jan has been extremely steep and doesn't look to be the healthiest. (this is also suggested by RSI and Stochs on the daily as being overbought and very high).
Remember that this pattern has also played out to the downside, this is evident on the 5th of November last year:
Right now, I am waiting for an obvious signal from the market, and am cautious to enter as BTC's moves are very volatile. If this pattern breaks down, I may play it short, but more importantly, I will be entering more capital at lower prices as I prefer to use the Dollar Cost Averaging method and keep BTC long term. - Be careful trading bitcoin short term, it is extremely risky.