Don't worry about BTC... Until THIS trend line breaks
BTC has reached an area of significant resistance, it's being squeezed between the SMAs, which are starting to curve towards a death cross, and the volume on the recent oversold bounce was not very inspiring. It also recently put in a lower low, so this next move will be significant, and it should happen in the next 24 hours or so.
So there are a lot of bearish ideas here, but that don't mean this bull run is over just yet. I won't worry too much until BTC breaks the macro trendline on this chart. Originally, it was the top of the rising wedge that formed between Oct and December 2020, around the start of the bull run, or what I like to call "lift off."
The arrows mark the points at which the line acted as resistance and later, support. INCLUDING on the most recent dips. As long as it respects that trend line, I think we're gucci.
Given the bearish ideas, I wouldn't be surprised by another dip here-- possibly even another retest of this trend line. This will be a good buying opportunity - as long as the trend line holds. Don't forget to put stop losses in place people!!!
happy trades,
CD
So there are a lot of bearish ideas here, but that don't mean this bull run is over just yet. I won't worry too much until BTC breaks the macro trendline on this chart. Originally, it was the top of the rising wedge that formed between Oct and December 2020, around the start of the bull run, or what I like to call "lift off."
The arrows mark the points at which the line acted as resistance and later, support. INCLUDING on the most recent dips. As long as it respects that trend line, I think we're gucci.
Given the bearish ideas, I wouldn't be surprised by another dip here-- possibly even another retest of this trend line. This will be a good buying opportunity - as long as the trend line holds. Don't forget to put stop losses in place people!!!
happy trades,
CD
Comment:
Welp, can't say I didn't warn ya... we even got a bearish retest before the plunge to 30k. Now we just caught support around the BOTTOM trendline from October '20, and if that breaks... well, check my update which I'll post soon.