Presently continuously monitoring this chart atm as the candles approaches the end of the sym-triangle. Need to wait for a break out and retest for confirmation.
Presently more bullish-biased after the recent fake-down with a strong rebound back into the triangle.
Comment
⋅
On the 4-hourly:
Comment
⋅
NOTE: Short-term bullish-bias completely erased if BTC falls below ca. 18.2k USD
Comment
⋅
Comment
⋅
Comment
⋅
Potential trade that I am looking out for once BTC breaks and retests the 20kUSD level:
Comment
⋅
Broken below the triangle:
Comment
⋅
BTC broken above the 20kUSD level, retested and found support!
Comment
⋅
[B]Daily Chart[/B]
Next, BTC will need to puncture and find support above the red 100 SMA line before a possible continuation upwards:
The orange/grey line above is the 200 SMA.
Comment
⋅
Bouncing off the 20k USD resistance turned support!
Trade closed: stop reached
⋅
FTX black swan event dump. Stop-loss hit.
Comment
⋅
Comment
⋅
BTC will need to pierce above the red 21EMA and the red yellow resistance line for it to turn possibly short-term bullish again after the recent black-swan event:
Comment
⋅
BTC will now probably break the 78.6% level (FIB levels defined from the ATH and the bottom of the previous cycle). And if it does, the next support is the golden pocket at around 13.3-13.8k USD.
In the short-term we are on the sidelines. But generally, we stick to a bearish view. Feel free to check it out:
cybernetwork
⋅
@Tradersweekly, Yes, longer-term remains bearish. However, here noting the significant show of strength with the rebound. But need confirmation with a proper breakout and retest for either direction, which is expected to occur soon before 20Oct'22 according to the sym triangle drawn.
JoyBoyVegae
⋅
I wouldn’t say that if I were you. Because breakout needs to be above 25K, even so the bear market isn’t over. So don’t fall for the buy trap
cybernetwork
⋅
@Richburst9, It depends on whether if you are talking about the longer term of short term. It is entirely possible for a bear-market bounce to occur, i.e. things do not tend to head straight down/up. ;)