Hello everyone, rouzwelt here.
This is an quick update and follow-up of my last post, we can see bulls have started to show some resistance at 29 - 30k which can be a good signal that they are still active, but I would like to see more confirmations before opening any long positions as this uprise might be a fake-out.
Break above the purple channel and 35k level are good confirmations that this uprise movement may be sustainable at least for some time. But I personally don't like the price action at this moment, because quick uprise movements generally are followed by quick downward movement, and the biggest volume at the highest candle isn't the best thing, as it might indicate that the whales have been absorbing the buying volume.
So I personally would like to see that price finds some support at the current level or maybe at retest of the yellow channel and then see a break above the purple channel if I want to take any long trades. And I suggest that you better wait for those confirmations before going long because the trading volume for past few weeks have been low and lack of liquidity can cause such volatility we are seeing at this stage.
If you like my analysis then consider supporting me hitting like and comment id you have any opinion about it, I'd appreciate it a lot. Have fun and trade safe.
This is an quick update and follow-up of my last post, we can see bulls have started to show some resistance at 29 - 30k which can be a good signal that they are still active, but I would like to see more confirmations before opening any long positions as this uprise might be a fake-out.
Break above the purple channel and 35k level are good confirmations that this uprise movement may be sustainable at least for some time. But I personally don't like the price action at this moment, because quick uprise movements generally are followed by quick downward movement, and the biggest volume at the highest candle isn't the best thing, as it might indicate that the whales have been absorbing the buying volume.
So I personally would like to see that price finds some support at the current level or maybe at retest of the yellow channel and then see a break above the purple channel if I want to take any long trades. And I suggest that you better wait for those confirmations before going long because the trading volume for past few weeks have been low and lack of liquidity can cause such volatility we are seeing at this stage.
If you like my analysis then consider supporting me hitting like and comment id you have any opinion about it, I'd appreciate it a lot. Have fun and trade safe.
Comment:
hello everyone, here's a quick update.
Price is slowly approaching the 35k level which I have clarified in the chart with a red horizontal line, and I have been saying that it's the main level for btc to break above if it wants to head higher, I'd like to add some more details to that and say that that 35k level is like many other levels is not just a single line but actually an area which I believe is between 35 to 36.5k levels, and it's actually where the last swing high topped, so that makes it an eve more important level as said earlier.
So let me say quickly that I believe that we will see at least a decent pullback if not a complete rejection when price reaches to that area, as price has been rising in last few days without any pullbacks which makes the probability higher to see one soon and the fact that nothing has changed from before this pump and this pump actually lacks proper volume and we don't see enough demand makes it even more suitable to be a fake-out. It's actually a weird pump considering the situations we previously had and have at the moment. so be cautious and practice risk management if you're planing to go long here.
My plan is that I am thinking to go short whenever price reaches to that area, and I'll be posting about its whenever I see a good entry point, so if you're interested on taking that trade with me, stay alert in coming days.
Price is slowly approaching the 35k level which I have clarified in the chart with a red horizontal line, and I have been saying that it's the main level for btc to break above if it wants to head higher, I'd like to add some more details to that and say that that 35k level is like many other levels is not just a single line but actually an area which I believe is between 35 to 36.5k levels, and it's actually where the last swing high topped, so that makes it an eve more important level as said earlier.
So let me say quickly that I believe that we will see at least a decent pullback if not a complete rejection when price reaches to that area, as price has been rising in last few days without any pullbacks which makes the probability higher to see one soon and the fact that nothing has changed from before this pump and this pump actually lacks proper volume and we don't see enough demand makes it even more suitable to be a fake-out. It's actually a weird pump considering the situations we previously had and have at the moment. so be cautious and practice risk management if you're planing to go long here.
My plan is that I am thinking to go short whenever price reaches to that area, and I'll be posting about its whenever I see a good entry point, so if you're interested on taking that trade with me, stay alert in coming days.
Comment:
well that is interesting :D
that is one of those F*** you candles you see once in a while in crypto market :D
that is one of those F*** you candles you see once in a while in crypto market :D
I still believe that the general structure and sentiment is mostly bearish, we have seen some demand coming in but it need to be sustainable, so I personally would wait for more confirmation and a lower risk trade setup, because the risk to reward ratio of entering a long trade at this point is not worth opening a trade at this point.
I'll be updating this post whenever we see an considerable event happening and I also will update my view and analysis by posting new ideas as more data comes out of the chart.