Sparkster

Neutral On Bitcoin, here's why...

BINANCE:BTCUSDT   Bitcoin / TetherUS
Neutral is boring. But it is also patient. Over-trading kills traders accounts faster than any other trading mistake. As it stands right now, looking at the Weekly chart on bitcoin and the pressure downwards is substantial. Looking here at the 1 day chart and we seem to be bottoming out from the previous week slide, supported by very thick cloud.

Which can only mean we're waiting.

  • IF price begins to break above recent downward trendlines , then we may see a continued rally and recover from the weekly downwards momentum. At some point that Weekly momentum would evidently have turned upwards... and then its moon time.
  • IF price turns lower and the current 1 day bottoming pattern fails, we then enter the 1 day cloud, and drop out of the bottom of the weekly cloud, then yes our previous target seems plausible... a whopping 25% drop in the price of bitcoin .

As of right now, our foot is off the peddle, as the team at SparksterSignals watch patiently for what the market decides next.

What direction do you favour and why?


Comments

Perhaps alts can rip
Reply
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