Bitcoin Weak Amidst Regulatory FUD!! Where to Long and Short?
Bitcoin is currently weak/bearish, hence the "short" tag. Bitcoin failed to maintain its strength above 31.7K and fell below the 200MAs on the 15Min timeframe. Overall price is whipsawing between 34.3K and 31K, without a clear direction, which makes trading within this range quite tough and dangerous.
One pattern that might be emerging is a head and shoulders pattern, which would be bearish if it is confirmed. So far the left shoulder and the head has been formed, with the neckline being at 31.1K. So if price breaks and closes below 31.1K, then the right shoulder would be formed and the head and shoulders would be confirmed, in which case I will be looking to enter a long trade.
The 31-31.1K zone could also be a zone to trap bears, so I will also be looking out for a potential false breakdown setup, in which price closes below the support zone followed by a rapid recovery above the support zone. If that happens, then it could be a good long opportunity.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
One pattern that might be emerging is a head and shoulders pattern, which would be bearish if it is confirmed. So far the left shoulder and the head has been formed, with the neckline being at 31.1K. So if price breaks and closes below 31.1K, then the right shoulder would be formed and the head and shoulders would be confirmed, in which case I will be looking to enter a long trade.
The 31-31.1K zone could also be a zone to trap bears, so I will also be looking out for a potential false breakdown setup, in which price closes below the support zone followed by a rapid recovery above the support zone. If that happens, then it could be a good long opportunity.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
