The market does look bad. BTC has lost weekly and monthly supports that turned into resistance. Is bitcoin about to print 10th(!!!) weekly red candle? I have never seen such bearish sentiment in 5 years. Are bears gonna get away with it so easy? Easiest long trade would be if BTC could reclaim weekly support ant 31.5k. My personal view is that we should have a...
So this is it.. As I posted before, the plan I was waiting for is now reached. BTC reached the 25-26k level, and now we hope it closes weekly above 31.5k to confirm that it is still in the range. This would give clear signal to build a position into 40ks. Otherwise, wait until we comeback into the range or buy btc at the next weekly support (20k) or best bet is...
So BTC has been correlated to stock market especially to NASDAQ nearly perfectly. Very hard to predict any moves on lower time frames as we rely on traditional markets. Best to do is bid at the best monthly/weekly supports in low 30ks. Looking at two scenarios:
1. Either we bounce from low 30ks and continue crab range into the mid 40s
2. Or we capitulate below...
So BTC broke out of the 44k range and retraced back. Weekly closed below 42k resistance. So far bearish picture. Daily close above 43k would be first bullish sign worth a bid. Until then waiting for big weekly support at 32k. Currently the market follows stock market and this chop is PVP battle. Trying to trade low time frames is suicidal, at least for less...
BTC has been ranging 30-60k for almost a year now. Currently it has tested weekly support in low 30s about 10 times! We can say currently 30k is old 6k where we had established multi month support previously and we know what happened when it broke.. This weekly candle looks pretty bad is it retraced almost whole move. Having that said, still best bet is in low...
So BTC has been performing very well and remained strong last week despite stock market downside. Currently BTC invalidated dead cat bounce theory and the higher probability is now running to ATHs. So far the price range is a bit extended, it would be ideal scenario to wait for the dip into 50-45k with invalidation close below 45k for better risk reward scenario....
