BTC price is going to keep squeezing with lower highs and higher lows to form a wedge. so more consolidation is expected even for days coming. on the weekly time frame the price is on the cloud meaning more sideways. the lagging span confirms that, both on weekly and 4H time frames. on the other hand on daily chart we see the BTC is extremely bullish. so to me as far as the consolidation takes more longer, I would convinced for more bulls coming although we could have a little correction before huge storm coming. let's see what would happen next week. RSI and ROC are almost positive in time frames (4H,daily and weekly). stay tuned for next update
As a trader I have to get ready for any situation. stay safe
Enjoy the market
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if the price can't overcome our channel upward. it will decline to hit the daily trend line (yellow line). the net volume and MACD show low strength to keep upward.
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BTC really needs to correct itself if wants to remain bullish. soon or late it will happen but be cautious. may rally to 10500 before decline
If this is going to turn bearish on weekly, this may be the outcome of downtrend. Support at: 8800, 8400, 7700, 7200, 6600, 5900, 4900, 3800, 2500, 300
@bestfarbit74, For me this scenario of @Paranoid_Trader is a real paranoid!
:) Everything can be, but this does not seem to me the solution.
This is my view, it is similar:
Tks!
bestfarbit74
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@gabrielestampa, thanks for your sharing buddy.actually I agree more with you at this point. that's why I replied to him "possible", cause I respect any ideas but doesn't mean to accept it
and I mentioned in my TA, as a trader have to get ready for any situation. this market is full of surprise, you can't make sure what would happen in long term :)