Okay, so when markets are undecided it's okay to be unsure yourself, in terms of direction. I think this is a great example of to plan for either direction based on what the chart is telling us. All we can do is have scenario A and B, all the while marking critical points of interest.
Scenario A - My TA here may look messy but is simple, there is a range that formed from June 18th and we have broken out to the upside of it's high at 21,685 and should now act as support. Further, we've temporarily broken a lower time frame order block (big green box) that gives a larger area of interest. Personally I'm fine if we play around in here as long as we hold the range high level. If we achieve this, I see Bitcoin reaching as far as 28k and possibly 30-31k.
Scenario B - We lose the range high and come back inside to, likely, the low at 19.5k area where if we hold that, would be a good area to long back up to the range high at 22k. If we lose the range low and lower green order block at 19.5k (wicks are okay), then I think we visit new lows.
I do not know which scenario will happen (nobody does, don't be fooled), but as far as what the chart currently tells us, it's that we have found fresh support at 21,685 area and if we hold it there's no reason to be bearish. Tomorrow we could wake up and see a power move up or down, perhaps you're long and want to hedge with a short or vice versa. Trick is to wait until we get into an area of support or resistance to do so, not in-between where you can easily be stopped out.
Adam and Eve formation is on the chart as well that I shared some time ago, but as we move away from it on the timeline the less significant it becomes. It's neckline is really close to our range high, so I've kept it on the chart for the time being but I'm really paying attention to the levels of the range.
Be fine with either direction by planning for both, don't bet more than you're willing to lose, use stop losses or hedge your positions and you will sleep much better at night.
Stay frosty folks.
V
BTC Bitcoin
Scenario A - My TA here may look messy but is simple, there is a range that formed from June 18th and we have broken out to the upside of it's high at 21,685 and should now act as support. Further, we've temporarily broken a lower time frame order block (big green box) that gives a larger area of interest. Personally I'm fine if we play around in here as long as we hold the range high level. If we achieve this, I see Bitcoin reaching as far as 28k and possibly 30-31k.
Scenario B - We lose the range high and come back inside to, likely, the low at 19.5k area where if we hold that, would be a good area to long back up to the range high at 22k. If we lose the range low and lower green order block at 19.5k (wicks are okay), then I think we visit new lows.
I do not know which scenario will happen (nobody does, don't be fooled), but as far as what the chart currently tells us, it's that we have found fresh support at 21,685 area and if we hold it there's no reason to be bearish. Tomorrow we could wake up and see a power move up or down, perhaps you're long and want to hedge with a short or vice versa. Trick is to wait until we get into an area of support or resistance to do so, not in-between where you can easily be stopped out.
Adam and Eve formation is on the chart as well that I shared some time ago, but as we move away from it on the timeline the less significant it becomes. It's neckline is really close to our range high, so I've kept it on the chart for the time being but I'm really paying attention to the levels of the range.
Be fine with either direction by planning for both, don't bet more than you're willing to lose, use stop losses or hedge your positions and you will sleep much better at night.
Stay frosty folks.
V
BTC Bitcoin
Vatsik