I've been seeing too many 40K posts for dip buying. This made me look at another path, because that buy zone is too crowded, just like 50K sell zone was leading up to this ATH.
I'm looking at the faster moving averages on the 1H and comparing them to the latest drop a few days ago. We've just now tested the 12 MA below resistance. If BTC does not drop past the intraday support within the next couple hours, and if the the 15M chart can get past the 26 MA, we may just get that 50K target. These indicators all fall in line the trendline resistance. We obviously can just rely on the break of that, but the MA's are providing more evidence that it is likely to happen and there won't be a drop to the low 40K's before another pump.
On further evidence, bears just aren't pushing the price low enough and fast enough. The PA is just not that bearish yet for me to short. With that said, this trade is low risk for me. There's clear invalidation points to where I will close with minimal loss. It's not like there has been any big sell offs yet to worry me with going long.
Food for thought, and never trading advice. We should know within a couple hours if this trade is money
I'm looking at the faster moving averages on the 1H and comparing them to the latest drop a few days ago. We've just now tested the 12 MA below resistance. If BTC does not drop past the intraday support within the next couple hours, and if the the 15M chart can get past the 26 MA, we may just get that 50K target. These indicators all fall in line the trendline resistance. We obviously can just rely on the break of that, but the MA's are providing more evidence that it is likely to happen and there won't be a drop to the low 40K's before another pump.
On further evidence, bears just aren't pushing the price low enough and fast enough. The PA is just not that bearish yet for me to short. With that said, this trade is low risk for me. There's clear invalidation points to where I will close with minimal loss. It's not like there has been any big sell offs yet to worry me with going long.
Food for thought, and never trading advice. We should know within a couple hours if this trade is money