Here's the P&F chart update for Bitcoin after the Amazon FUD.
We have a reversal bar to the downside which is bearish, but in order not to become overly bearish, i'm also counting for a possible reversal to the upside for the next column. Ofcourse we should expect a reaction in these reversal bars. In fact the current reversal could be the reaction itself.
30k is the double bottom and 40k is the double top. Crossing these levels could take us further as explained on the chart. I tokk only the last segment of consolidation as they are the first targets.
We are still in the sideways trading range and we could break out both ways. There are signs of strength and accumulation, but volume is not supporting this.
I'm in short strategy, but i'm posting this as neutral so people don't take action within this trading range by looking at my analysis idea.
Be safe.
We have a reversal bar to the downside which is bearish, but in order not to become overly bearish, i'm also counting for a possible reversal to the upside for the next column. Ofcourse we should expect a reaction in these reversal bars. In fact the current reversal could be the reaction itself.
30k is the double bottom and 40k is the double top. Crossing these levels could take us further as explained on the chart. I tokk only the last segment of consolidation as they are the first targets.
We are still in the sideways trading range and we could break out both ways. There are signs of strength and accumulation, but volume is not supporting this.
I'm in short strategy, but i'm posting this as neutral so people don't take action within this trading range by looking at my analysis idea.
Be safe.
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Here's my plan
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Possible distribution formation at the top!
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Bulls win, we're going to 100k!
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Point of No Return
