The weekly timeframes-
10k is a SINGIFICANT resistance. Would be cautious as long as price is below 10k,
But once btc takes out 12k again, I would have some bullish sentiment.
This is what im seeing on lower timeframes.
As you can see, Price has been ranging 9k - 9.8k for couple of months now. It has been absolutely...
Price has been ranging for almost a month now.
I am trading the charts here, Not my bias.
I am gonna wait for breakout, whichever way this goes.
4 hour close below ~9400- short
4 hour close above 9800 long.
Invalidation would be if price returns back into the range.
That massive move liquidated a lot of shorts,
I think the next few days will be sideways ranging motion between ~8400 - 8900.
I reckon price will ping pong between buyers and sellers here till the bigger forces decide which way to send this.
Now is not time for swing trades, But time to prepare for ranging market after that massive move.
Trade carefully, There have been many fakeouts on btc - this could end up being one of them. Till i see btc breach 10,000 again - i will trade any bullish breakouts with a neutral bias. I am unsure of this breakout, But am willing to trade this on the long side based on short term timeframes only. As long as btc is below 10,000 area - i aint getting long term...
Below 7150 - Bearish..
Above 7150 would be bullish.
See the long term trendlines,
Dont get chopped up in this market. This aint gonna give easy setups on lower timeframes it seems. Btc can be total asshole sometime.
So till 7150 clears as resistance, Im gonna have a slight bear bias here.
Fuckin fed stop printing notes biatches!!
Is it gonna go up or down?
I would say btc is in sideways movement atm.
As you can see price has failed to break below ~6,800 level on daily charts, and also just closed above 6800 on the lower tf chart.
Then again, The rewards of taking a long position here is not much, cuz we have a massive resistance at 7150 level.
Logically we should wait for the 7150...
Till btc breaks above 7,500 on the weekly i'd be cautious.
This entire uptrend has been driven on low volume.
SPX also rallied above its previous highs, BTC is following its movements. And with economy going to shit and no end to this corona mess, Things will likely get worse before better.
So basically -
Long term downtrendline.
Ascending wedge with low...
With the S&P 500 and global markets looking like they want to start the next recession for the next 2 years, Things as we know it will be challenged and changed.
As you can see from the above s&p 500 charts, this is only the third time in 20 years that the green trendline has been broken, Each time break of these...
BTC has pumped nicely from 3.5k-4k levels. How far will this rally continue?
I think its now at a critical deciding area.
Break above or below low tf levels will dictate future price direction!
If btc breaks low tf resisitance at 6.8k its safe to expect 8k area.
But if it breaks back below 6400 area, then it would mean this was a fake breakout.
This is the all deciding trendline. Till it breaks its better to be cautious.
Y never know whats gonna happen with everyone shorting this area..Wait for confirmation from price before shorting!! A late entry is better than a wrong entry!
- below weekly 200 sma.
- dxy going up.
- ? Weekend incomin soon. Dont use anything more than 2x to trade this shite. Its moving like a bullet - High leverage will get you rekt.
- Play it safe, Use the weekly 200 SMA as a guiding point, It broke the 5.8k support last week.
- Don't trade this more than 1-2x. You will get rekt.
During the dump -
- broke the uptrend line from last year.
- made a lower low on the weekly.
- will likely break the monthly 21 EMA once the monthly closes.
- Close below weekly 200 SMA.
- Broke the .618 fib levels.
If you are long term believer of btc, now is the time to dollar cost average to long term holdings.
Don't try and catch the bottom, cuz you...