Welcome to this quick update guys.
My mid and long term bias is bullish but I will explain both the bear and the bull scenario here.
According to the fractals and indicators like BB shows that a move is incoming in bitcoin.
BB is getting tighter which means we can see a major move anytime soon.
So we should be ready for both the outcomes.
Let’s look at both the scenarios:
Bearish Scenario:
BTC is trying hard to break above the 50D MA. Currently its trading below it which is a bad signal.
Ascending triangle with scam wicks to the upside.
Volume is low
There’s a 60% chance we can see a breakdown to the 8900 or even lower.
Bullish Scenario :
After the halving we have always noticed a lot of sideways action from BTC which is the basic reason why alts are rallying.
Currently BTC is trading under a channel (Green) with the lower support being tested right now.
A bounce will likely take BTC to 9600.
If we break the 9600 area soon there’s a big chance that it can retest 9.8k level which is a resistance now.
Breaking that level could bring more volume and BTC could break that 10k mark daily.
Though I will asses this update around the Monday open of the legacy market.
Conclusion and what my plan is:
My major plan is just to hold BTC. I don’t want to miss out of the bull run which is imminent (sooner or later). If we see a dip I will be more than happy to buy more.
Tell me what your plan is in the comment section,
If you like these updates please hit that like button and follow me for breakout calls and altcoin setup.
My mid and long term bias is bullish but I will explain both the bear and the bull scenario here.
According to the fractals and indicators like BB shows that a move is incoming in bitcoin.
BB is getting tighter which means we can see a major move anytime soon.
So we should be ready for both the outcomes.
Let’s look at both the scenarios:
Bearish Scenario:
BTC is trying hard to break above the 50D MA. Currently its trading below it which is a bad signal.
Ascending triangle with scam wicks to the upside.
Volume is low
There’s a 60% chance we can see a breakdown to the 8900 or even lower.
Bullish Scenario :
After the halving we have always noticed a lot of sideways action from BTC which is the basic reason why alts are rallying.
Currently BTC is trading under a channel (Green) with the lower support being tested right now.
A bounce will likely take BTC to 9600.
If we break the 9600 area soon there’s a big chance that it can retest 9.8k level which is a resistance now.
Breaking that level could bring more volume and BTC could break that 10k mark daily.
Though I will asses this update around the Monday open of the legacy market.
Conclusion and what my plan is:
My major plan is just to hold BTC. I don’t want to miss out of the bull run which is imminent (sooner or later). If we see a dip I will be more than happy to buy more.
Tell me what your plan is in the comment section,
If you like these updates please hit that like button and follow me for breakout calls and altcoin setup.
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