So, the way I see it, BTC is ranging further in this pretty long triangle that has been validated the last months.
A wedge within a wedge is forming, and daily stoch RSI suggests that upside momentum is more probably than downwards momentum. I think that we'll see a small rally towards 9000ish, then further bounces between
the resistance and support of this very long triangle. Then it will either break to the upside or to the downside and define the longer term trend for the coming months.
A push towards 11700 would be a strong signal, however, even then a bearmarket could play out. If it does not manage to push through 11700, it will probably continue to fall further, making new lows. A push through 11700 is necessary to have any chances
for a big rally this year.
If the triangle breaks to the downside, a bearmarket is basically inescapable.
One should not hope for one or the other scenario, but be prepared for both possibilities. So actually the smileys should smile in both cases XD.
Shorting and having fiat on the sidelines if it breaks to the downside, and going long and buying if it breaks to the upside. Just see what happens and act accordingly. That's at least what I do. Cheers!
P.S: I am shortterm long, and longterm neutral.
A wedge within a wedge is forming, and daily stoch RSI suggests that upside momentum is more probably than downwards momentum. I think that we'll see a small rally towards 9000ish, then further bounces between
the resistance and support of this very long triangle. Then it will either break to the upside or to the downside and define the longer term trend for the coming months.
A push towards 11700 would be a strong signal, however, even then a bearmarket could play out. If it does not manage to push through 11700, it will probably continue to fall further, making new lows. A push through 11700 is necessary to have any chances
for a big rally this year.
If the triangle breaks to the downside, a bearmarket is basically inescapable.
One should not hope for one or the other scenario, but be prepared for both possibilities. So actually the smileys should smile in both cases XD.
Shorting and having fiat on the sidelines if it breaks to the downside, and going long and buying if it breaks to the upside. Just see what happens and act accordingly. That's at least what I do. Cheers!
P.S: I am shortterm long, and longterm neutral.