Weekly time frame already showed exhaustion amongst the bulls. Hence, we will likely see a pull back to $6700 in the nearest future. But before then, with this channel of mine, what if BTC goes up from here to the upper boundary of the channel
I posted this set up yesterday and we are currently nailing the short position to the T.
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We totally nailed the long position from $8802 region!!!
I think BTC would find it really hard to break this zone. I took a short position around the top and I would be glad to
change this intra-day position to a swing if need be.
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XRP needs to reclaim that (2525 sats) to be overly bullish, or else I would expect a bearish retest and continuation to the bottom of the "long term buy zone"
One of the simplest rule to be a successful trader is “NEVER SELL SUPPORT”
This particular setup is quite bearish on the higher timeframes. However, as a day-trader, shorting this zone is basically dashing out money to your fellow traders. I would rather long this set up for a 3-5% upside move in BITCOIN.
This is quite bearish to me and i think if $9600 doesn't hold, we would see $8600 real soon. Dont take this as a financial advise, take it with a grain of salt.
