Bitcoin is still currently trading in the ascending triangle as it has all week, inching its way up little by little. With that said, I am more bearish than yesterday with the break of 50k and a rejection of that level. That's a huge red flag. Furthermore alts bounces have been significantly weaker than BTC which was the opposite the prior week. Something has change. Momentum has also slowed with a the weekly overextend for quite some time.
The bears have my attention and I am looking to the downside as the more likely outcome. The only sliver of good news for the bulls is that the 4hr ema is still holding, a level that's been support for quite some time, but if the Ethereum and Litecoin is any indication; it may lose it soon.
Trade closed: stop reached
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Congratulations to the bulls. I think it's safe to say that we have broken bullish, albeit relatively low volume. Target towards 55 - 60k isn't unreasonable in the near-term.
With that said, I still wouldn't discount a significant pullback at some point to revisit sub 50ks. Hence I still don't believe this to be a good entry establish swing positions in my opinion. But there is opportunity for short-term trades.
Personally, I did fomo into a Litecoin sizable position based on the LTC/USDT & LTC/BTC chart. If the bullish sentiment stays intact, I expect it to be play catchup and outperform. But again Bitcoin is still King, so will need to be prepared for potential weekly pullback at some point that'll drag everything down.
I got liquidated. Dark days ahead for me. Good luck with your trading
Coindicator
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@Lebron1991, Sorry to hear that mate. It happened to be before as well during the last bear market, so I know what that's like. Keep your head up, the sick feeling will eventually fade. We live and learn.
Lebron1991
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I guess bullish now. It didn't even need news
Coindicator
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@Lebron1991, The Morgan Stantley US Bitcoin ETF news definitely gave it a bit more fuel.
Lebron1991
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Boy am I praying you are right. Almost got liquidated twice now. Btc doesn't seem to stop though
Coindicator
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@Lebron1991, lol, I personally don't want to be short this or a long-term bull market in general. It's risky, all I'd say is make sure your short positions are not too big.
Right now there seems to be little interest at 50k or above but a lot of interest in buying the pullbacks. Hence it's holding quite well and still inching it's way up; but the alts tot so much. I am still leaning bearish here, but the biggest risk for a shorts right now is a significant unexpected headline news.
Lebron1991
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@Coindicator, lol yeah man if I survive this NEVER shorting again. I don't know why I decided now of all times to try shorting btc. Too late for a bit short position unfortunately. Just hoping to get out without losing at this point.
Investroy
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Beautiful technical setup and an amazing explanation