Hello everybody. Hope you're having a nice day. I am going to lay out my view regarding the current BTC situation.
I still firmly believe that BTC is in a bull flag in the weekly timeframe. The mid-line of the channel has been respected on several occasions and I find it incredibly valid. After the bull trap that ensnared bulls in October and November, I think it is highly likely that the bottom area of the channel will be tested. The floor of the channel is confluent with 2017 ATH and EMA 200 (i.e. the area of interest). What's more, the current price action is the continuation of a valid H&SH. Plus, as you can see, the volume has been declining steadily, and I assume it will continue down the current path until it finds legitimate liquidity, which I think lies somewhere between 18K - 22K. Long-term, I am bullish on bitcoin. However, considering the current economic climate, a hawkish FED, and the fact that BTC has gone through a parabolic move (i.e. the white parabola), I think this correction is needed.
If you find this idea of value, I would appreciate your support by pushing the like button.
I still firmly believe that BTC is in a bull flag in the weekly timeframe. The mid-line of the channel has been respected on several occasions and I find it incredibly valid. After the bull trap that ensnared bulls in October and November, I think it is highly likely that the bottom area of the channel will be tested. The floor of the channel is confluent with 2017 ATH and EMA 200 (i.e. the area of interest). What's more, the current price action is the continuation of a valid H&SH. Plus, as you can see, the volume has been declining steadily, and I assume it will continue down the current path until it finds legitimate liquidity, which I think lies somewhere between 18K - 22K. Long-term, I am bullish on bitcoin. However, considering the current economic climate, a hawkish FED, and the fact that BTC has gone through a parabolic move (i.e. the white parabola), I think this correction is needed.
If you find this idea of value, I would appreciate your support by pushing the like button.