I want to start with going back and referencing the daily double top that we were waiting for last week. As more daily candles form, it's turning into more of a head and shoulders - also impacting multiple time frames.
This can be seen as more confirmation to look for shorts, maybe even an opportunity to start scaling in right here at $8000....
Let's continue where we left off, shall we?
We're still looking at the double top from earlier this week. As the days progressed, it's forming beautifully. Our pop was long and gruelling to babysit, which is why I gave up on it. That and I wanted to go play outside.
What's the ol' saying?
Bulls make money,
Bears make money,
A continuation of what we've been watching this week, we're back yesterdays support for the second time and we've seen a nice small pop.
The only thing that matters if looking for longs here is closing a 30m or 1h candle above the support that the little spike down just lost and then regained.
Looking for a pop up to the support lost from our move down this...
I don't like this chart yet.
Now that's out of the way, I want to start by looking back on the week at the bigger move hopefully to add some context.
This week has pretty much played out we wanted: We got our big drop from Monday, and we got our little accumulation pop off the support (little rough, nasty little drop before closing above...
Progression. It's often a word thrown around by many without the slightest clue what it means... so let's talk about it!
Yes; distribution, big resistance, rising wedge. We were looking for shorts yesterday and are now in the move we were looking for.
But staying short is a challenge because it should pop back up to test 8739 area. Why? Dunno? That's how...
If BTCUSD can't hold this support and accumulate enough momentum to finish retracing the leg, then it should see a sharp drop.
Pay attention though, as that sharp drop may be part of the bigger move to send the price higher.
the pop from 6000s went almost +$3500.. we are testing what that gained for the first time.
These 7200s are huge but 6900 is still possible.
We are looking for a very healthy pop off first touch of support down here.
Great pop after a few weeks of accumulation.
Nothing to see here until that could change the longer term projection unless 10500/11000 is regained.
No trading advice here just some longer term thoughts.
While all you micro bulls and bears are busy getting chopped around in the 1 minute time frame, let's take a look at the bigger picture.
Bitcoin has seen many tumbles, and scary prices lately, but one thing is for sure is that we're closing this month (march) forming a double bottom base. Does this mean we wont see any lower, no. What it means is by this monthly...
Gaining $9938 will give enough momentum for the price to push into mid $10k's where we should see some chopping around.
Depending how it acts there, could either push to gain $12k's from last week, or fail and come back to make a new low.
LTCUSD is sitting in a wedge right now, although accumulating for a pop over the past several days there is still the possibility (although very unlikely) that it could have a sharp drop towards $85 before beginning the rally.
1st Upside target: 191
Should see some bullish action today and into early next week. NOT TO BE CONFUSED WITH THE HIGHER TIME FRAME TREND.
THE BIG TARGETS ON THE DOWNSIDE ARE IN THE 2200s AND THEN RIGHT AROUND 1920/1930.
No straight lines. Just something to keep in mind big picture.
p.s. we NAILED this short omg.