BTC Will Have To Make A Big Move Tomorrow. No More Time Left!
When looking at BTC on the Daily timeframe, we can see that it has been trading in a descending channel since March 2022. Every time the price moved down, it consolidated into a bear flag pattern which eventually was followed by a downward move as expected when that pattern is printed.
When looking closer at this channel, we can see that BTC is starting to print a new candle and coincidently, it opened up inside the channel. This can only mean three things...
1. There's no time left before a bearish or bullish decision needs to be made.
2. BTC will have to break through the powerful channel with a bullish move.
3. BTC will have to dump lower to remain in the channel and most likely continue another bear flag pattern at a new low or a quick wick to a new low.
The CPI numbers were released at 9.1% and the whole planet is extremely bearish. Usually, when everyone's bearish, the opposite tends to happen, like what we witnessed today resulting in the crypto market pumping.
I can't say I know for sure what will happen next but the day opening where it's at right now can either be a great breakout entry opportunity or a great short opportunity with tight stops. If we do manage to break through the channel, I can see a steady rise to the next dynamic resistance shown as the yellow dotted line, and once again coincidently, that's around 28k.
Let's see how this plays out.
Love it or hate it, hit that thumbs up and share your thoughts below!
Don't trade with what you're not willing to lose. Safe Trading, Calculate Your Risk/Reward & Collect!
This is not financial advice. This is for educational purposes only.
When looking closer at this channel, we can see that BTC is starting to print a new candle and coincidently, it opened up inside the channel. This can only mean three things...
1. There's no time left before a bearish or bullish decision needs to be made.
2. BTC will have to break through the powerful channel with a bullish move.
3. BTC will have to dump lower to remain in the channel and most likely continue another bear flag pattern at a new low or a quick wick to a new low.
The CPI numbers were released at 9.1% and the whole planet is extremely bearish. Usually, when everyone's bearish, the opposite tends to happen, like what we witnessed today resulting in the crypto market pumping.
I can't say I know for sure what will happen next but the day opening where it's at right now can either be a great breakout entry opportunity or a great short opportunity with tight stops. If we do manage to break through the channel, I can see a steady rise to the next dynamic resistance shown as the yellow dotted line, and once again coincidently, that's around 28k.
Let's see how this plays out.
Love it or hate it, hit that thumbs up and share your thoughts below!
Don't trade with what you're not willing to lose. Safe Trading, Calculate Your Risk/Reward & Collect!
This is not financial advice. This is for educational purposes only.