BTC is failing at all back test levels and is not looking healthy. This keeps moving further away from a "bull run correction" and looking more like a pivot into a bear market. We're still a ways away from that point, but break 40K while closing HTF bearish and the bears will have a pretty good case. Just take a look at the last correction. There was a fight and the faster moving averages tells the story. We have yet to have these same moving averages cross over causing concern for the bulls across the board.
40K is starting to look like a minor liquidity zone now, but one where we will see a higher strength bounce from the big guy. The major zone, and the more likely zone if this PA keeps up would be 30K. Weekly is looking like a bearish engulfing and the monthly will have the largest closing wick in history, which would also be extremely bearish. In summary, all timeframes are telling you not to long into this strength above 40K.
We should see some sort of bounce off the 200MA shortly. The back test into 45K would be a smart short entry. Not financial advice!
ETH is in the same boat. .of course. I tend to like shorting ETH because is moves faster and harder giving a few extra pips. I also like to scalp my longs with ETH if I don't want to close my BTC short. It acts as a pretty good hedge.
Just wisdom, not financial advice ;)
40K is starting to look like a minor liquidity zone now, but one where we will see a higher strength bounce from the big guy. The major zone, and the more likely zone if this PA keeps up would be 30K. Weekly is looking like a bearish engulfing and the monthly will have the largest closing wick in history, which would also be extremely bearish. In summary, all timeframes are telling you not to long into this strength above 40K.
We should see some sort of bounce off the 200MA shortly. The back test into 45K would be a smart short entry. Not financial advice!
ETH is in the same boat. .of course. I tend to like shorting ETH because is moves faster and harder giving a few extra pips. I also like to scalp my longs with ETH if I don't want to close my BTC short. It acts as a pretty good hedge.
Just wisdom, not financial advice ;)
