The BEARS are hanging around looking for snacks.
Don't become a snack.
I have buy orders inside the RISING WEDGE pattern, with a planned escape if the bounce doesn't clear the 21 DEMA -and would also confirm the potential for further SIGNIFICANT DOWNSIDE.
BULLISH CASE:
This could end up becoming a "W" pattern, short term reversal -long term CONTINUATION.
FUNDING RATE (Bitmex) is trending negative, which is BULLISH.
Looking for PA to hold support above the local 81.8 FIB RT -if there is a candle body close above the 50%, that is a GREAT SIGN.
HOWEVER -there is much more BEARISH confluence right now.
A $20K BTC would be A GIFT, and a VERY WELCOME one.
BEARISH CASE:
DXY was looking very bullish heading into the weekend
TOTAL MKCP is not getting much volume, bouncing between $961BB and $1.06TT
Bearish PRICE STRUCTURE -low volume.
PA is meandering just above a crucial support, a break below will flip my bias to BEARISH (short term)
Plan not set in stone, it is only SATURDAY -but we have been getting some serious PA over the weekend when the CME has been closed.
Also, the DXY heading into the weekend was looking pretty BULLISH.
That chart and idea en route.
What are you looking at? BULLISH OR BEARISH?
JNY
Don't become a snack.
I have buy orders inside the RISING WEDGE pattern, with a planned escape if the bounce doesn't clear the 21 DEMA -and would also confirm the potential for further SIGNIFICANT DOWNSIDE.
BULLISH CASE:
This could end up becoming a "W" pattern, short term reversal -long term CONTINUATION.
FUNDING RATE (Bitmex) is trending negative, which is BULLISH.
Looking for PA to hold support above the local 81.8 FIB RT -if there is a candle body close above the 50%, that is a GREAT SIGN.
HOWEVER -there is much more BEARISH confluence right now.
A $20K BTC would be A GIFT, and a VERY WELCOME one.
BEARISH CASE:
DXY was looking very bullish heading into the weekend
TOTAL MKCP is not getting much volume, bouncing between $961BB and $1.06TT
Bearish PRICE STRUCTURE -low volume.
PA is meandering just above a crucial support, a break below will flip my bias to BEARISH (short term)
Plan not set in stone, it is only SATURDAY -but we have been getting some serious PA over the weekend when the CME has been closed.
Also, the DXY heading into the weekend was looking pretty BULLISH.
That chart and idea en route.
What are you looking at? BULLISH OR BEARISH?
JNY