Good Morning Traders,
This is another BTC/USD chart that I have put together for those of you wondering what the heck is going on.
The general market crypto market turned bearish a while ago - but I believe that BTC is bullish forever. Its always a good time to buy BTC - but some times are just better than others.
For those of you who trade and are looking to pick up more BTC or cash the play is very clear. BTC is currently sitting in the 7650 region as it builds the right shoulder. If you are holding BTC this would be when you want to sell - if you are in cash - keep your cash for now..
I've been calling 6500 for some time even though the charts are not necessarily supporting it right now. If you keep watch of the volume and the size of the buy side - its hard to imagine that the bear trend wont continue for sometime. We need to see a bottom and confirm bullish activity before we see the end of the current sideways/downward movement.
This chart illustrates the formation of the left shoulder, the head and the beginning of the right shoulder.
The bottom of the right shoulder is an opportunity to buy at a lower price than the last few days. This could be a good opportunity to make a purchase with a portion of your stake - but it is likely that BTC will drop further - so I wouldnt stake it all - wait for confirmation of a new pattern after this one completes somewhere around 7100.
This is another BTC/USD chart that I have put together for those of you wondering what the heck is going on.
The general market crypto market turned bearish a while ago - but I believe that BTC is bullish forever. Its always a good time to buy BTC - but some times are just better than others.
For those of you who trade and are looking to pick up more BTC or cash the play is very clear. BTC is currently sitting in the 7650 region as it builds the right shoulder. If you are holding BTC this would be when you want to sell - if you are in cash - keep your cash for now..
I've been calling 6500 for some time even though the charts are not necessarily supporting it right now. If you keep watch of the volume and the size of the buy side - its hard to imagine that the bear trend wont continue for sometime. We need to see a bottom and confirm bullish activity before we see the end of the current sideways/downward movement.
This chart illustrates the formation of the left shoulder, the head and the beginning of the right shoulder.
The bottom of the right shoulder is an opportunity to buy at a lower price than the last few days. This could be a good opportunity to make a purchase with a portion of your stake - but it is likely that BTC will drop further - so I wouldnt stake it all - wait for confirmation of a new pattern after this one completes somewhere around 7100.
Comment:
As you can see we are still tracing the right shoulder. As I mentioned there would be some short plays between 7300 and 7700.. at this point I would hold off on trying to go short as the market will soon begin to drop as the pattern completes itself! I don't recommend buying at these levels. Wait for a drop to at least 7k before you consider buying.