This is an update on Bitcoin in hourly timeframe, I want to say that since 2 days ago nothing has changed much, we are still seeing not enough power and demand from buyers, as the price is slowly moving below the main blue down-trend line towards the lower side of channel. We don't see definitive push from either buyers or sellers at this point, but that is going to change soon I believe.
As you can see in the screenshot below of my last post about BTC, price has been moving like my possible price action projection with good accuracy, and now it's the time to make a decision, either up or down. You can see in the chart that it's pointing towards uprise right now, but I don't see that to be sustainable as I don't see enough volume and demand at these current levels, so even if we see a break up, I believe it would fail maintaining that uprise. Let me say it this way, If we had demand at these levels we would have been going up far sooner than now, and I don't think anything has actually changed during these 2 -3 weeks in terms of supply and demand. I'm willing to change my mind on that only in the case that we start to see more demand volume coming in at break up and rallies up.
So let me say that buyers have a lot of works to do if they want to see higher prices in near future, and many other potential buyers are just waiting for a better opportunity, as they probably think that the possible risks for going long at these levels are far greater than the potential rewards and that is one of main reasons behind that we don't see them jumping in at rallies up.
So my personal plan right now is to see wether we see a break up the blue trend line or we break down the yellow rising channel, I'll be looking for short setups at break down of the yellow channel, but for potential break up, I personally rather wait for more confirmations and volume to open any long positions at this stage in time, as my 2 last scalping long position both closed at break even, I was cautious enough so I didn't lose any at going long but that's not the case for many in these levels, so I suggest that if you are looking for long positions, have a tight stop-loss in place.