LOOK FOR BREAKS OR CONFIRMATIONS ON BTC - BEAR MARKET AHEAD
BTC is heavily collerated with the DJI and the S&P 500, which are both making lower lows right now. I expect the markets to have one last leg up before a major pullback / drop / bear market. This aligns with concerns and evolving uncertainty across all markets, both the US and outside.
In the short term, I expect a bounce to around 41 500 where we could find support, then start rising higher. I don't buy the sentiment cycle I see other traders talk about, to me the trend looks bearish across all tables. We could potentially see a nice exit pump to my upper red trend line. On the 1D we are sold out so this could be the case, let's see.
What's certain is that we are in a so called "danger zone" where we have to decide which way to go. Since this is my first published idea, I'm excited to see how it plays out. Look for confirmations on the white and red trend lines since they are heavy support and resistance zones. Place stop losses after breakouts above trend lines, it can just be a fake out to collect liquidations. I'll exit all long positions after rejection on the red lines and wait for any confirmation, upside or downside. In the long run it's possible we get unlinked from the rest of the markets and start rising amidst the upcoming global recession.
Short term - BULLISH. When markets drop - BUY.
I marked two possible trend directions, take care and trade with caution. God bless.
In the short term, I expect a bounce to around 41 500 where we could find support, then start rising higher. I don't buy the sentiment cycle I see other traders talk about, to me the trend looks bearish across all tables. We could potentially see a nice exit pump to my upper red trend line. On the 1D we are sold out so this could be the case, let's see.
What's certain is that we are in a so called "danger zone" where we have to decide which way to go. Since this is my first published idea, I'm excited to see how it plays out. Look for confirmations on the white and red trend lines since they are heavy support and resistance zones. Place stop losses after breakouts above trend lines, it can just be a fake out to collect liquidations. I'll exit all long positions after rejection on the red lines and wait for any confirmation, upside or downside. In the long run it's possible we get unlinked from the rest of the markets and start rising amidst the upcoming global recession.
Short term - BULLISH. When markets drop - BUY.
I marked two possible trend directions, take care and trade with caution. God bless.