#BTCUPDATE
We are still sitting in the consolidation triangle which is great to give ALT's a little time to recover and a lot of long positions to get back into a level place or even back into profit.
We are still faced with 3 outcomes as outlined 3 days ago the 55k-56k region was met and a "bounce" has come from the 1 Day upward trend line.
There are 2 outcomes that we can see a sharp drop to $50k - either a crash out of this trendline or another rejection from $60k which will almost be a guarantee of a big drop. Either way - a drop to $50k really will not be the end of days and there will be some huge buys lined up there as well as lots of triggers there signifying a big, big bounce back up - so get dip buy bags ready.
On the other hand breaking up through $60k this time will almost certainly take us to new ATH and beyond.
Short-Term - looking like a pretty comfortable bounce now and the slow rise to retesting $60k looks like its on - but do not overload your bags keep a lot in reserve for dip buys.
***NOT FINANCIAL ADVICE– The Information on this chart is provided for educational, informational, and entertainment purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose.
You understand that you are using any and all Information available here at your own risk.
RISK STATEMENT– The trading of Cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.
We are still sitting in the consolidation triangle which is great to give ALT's a little time to recover and a lot of long positions to get back into a level place or even back into profit.
We are still faced with 3 outcomes as outlined 3 days ago the 55k-56k region was met and a "bounce" has come from the 1 Day upward trend line.
There are 2 outcomes that we can see a sharp drop to $50k - either a crash out of this trendline or another rejection from $60k which will almost be a guarantee of a big drop. Either way - a drop to $50k really will not be the end of days and there will be some huge buys lined up there as well as lots of triggers there signifying a big, big bounce back up - so get dip buy bags ready.
On the other hand breaking up through $60k this time will almost certainly take us to new ATH and beyond.
Short-Term - looking like a pretty comfortable bounce now and the slow rise to retesting $60k looks like its on - but do not overload your bags keep a lot in reserve for dip buys.
***NOT FINANCIAL ADVICE– The Information on this chart is provided for educational, informational, and entertainment purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose.
You understand that you are using any and all Information available here at your own risk.
RISK STATEMENT– The trading of Cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.
