As we test the bottom of the range again, whether you're bearish or bullish there could be an opportunity for a bounce (even if its a trap before continuing down). Currently eyeballing this bullish ABCD pattern (which can extend to the green dashed 1.618 target) giving a bounce right before 30k. The trend has been bearish, bullish patterns are underwhelming or downright failing..but here's the last hopium.
I included a larger shot to show the 1.13 target mid 20k (24,472 to be exact that I've had for awhile, if we break below 30k). Anything is possible, but I don't see it breaking down just yet. And I'm still cautious on any bounce, but the macd is ripe to develop bullish divergence along with this bullish ABCD to at least attempt some kind of rally..whether it's pathetic or a beautiful trap or.. who cares, who knows..
As a longer term trader we are still collecting data, with all the time in the world to make a decision (in no rush or hurry if we do bottom out/build a strong base and turn things around).
As a shoter term trader, looking for those bounces and rallies to make some kind of move.. well this could possibly be it.. On both sides.. as we test that 30k zone, its either time to break down and break out of the range or its time to reject the 30k breakdown and bounce up, to go test the topsides of the range again..
I included a larger shot to show the 1.13 target mid 20k (24,472 to be exact that I've had for awhile, if we break below 30k). Anything is possible, but I don't see it breaking down just yet. And I'm still cautious on any bounce, but the macd is ripe to develop bullish divergence along with this bullish ABCD to at least attempt some kind of rally..whether it's pathetic or a beautiful trap or.. who cares, who knows..
As a longer term trader we are still collecting data, with all the time in the world to make a decision (in no rush or hurry if we do bottom out/build a strong base and turn things around).
As a shoter term trader, looking for those bounces and rallies to make some kind of move.. well this could possibly be it.. On both sides.. as we test that 30k zone, its either time to break down and break out of the range or its time to reject the 30k breakdown and bounce up, to go test the topsides of the range again..
Comment:
Comment:
Be mindful of BTC's history with the 200, after falling below and how it can come up and reject (not once but twice) before getting back above and resuming bullish trends).
Comment:
Potential for macro change in behavior if we don't bulltrap - one counter argument to the whole 20/50 SMA on weekly argument is the productivity and health of Ethereum.. which didn't come back to the 55 SMA on the weekly and shown less signs of weakness..anyways ya'll here for BTC, so here's the update.
Comment:
Posting because this asset has the opportunity to lead the market and I'll credit ETH if we have a macro change in behavior and don't go into further bearish consolidation after touching 55 SMA on weekly and coming up to kiss the 21.
