Okay. Imagine BTC and LTC swapped places.
Also imagine the 4hr is a representation of daily.
The current atmosphere feels that BTC under 6k is impossible. its an indestructible support that's full of demand. (its probably not)
And there's plenty of charts from "top traders" that show :
Long term uptrend with enormous prices at 80k eoy.
Compound fulcrums? (Fancy...
It's never a great idea to buy the top of a channel... until a massive green candle somehow pieces through it.
It's also not a good idea to short the bottom of a channel.
Still won't be too surprised to see LTC back at $3 one day.
Let's see if ETH can even come close up towards that target.
I'm not necessarily saying buy here.
But if you are holding bags of ETH maybe you might want to unload there.
TO THE BOTTOM OF THE WEDGE WE'LL GO.
Seems like the whole market on ethereum is in a rut. There's no telling how far we'll fall but once we get weekly divs maybe we can find a reversal on this.
Until then there's really no telling how fall we'll fall.
No moons and no dooms. Just really boring ranging price action.
In fact don't even think of it as a bear market. Think of it as a range with slightly lower highs and lower lows. Until we go under the mean that is.
I drew the mean there cuz i believe that's the only time when bitcoin is sober.
How to buy resistance
Step one : Don't actually do it
Wait for someone else to buy it and see it if breaks upwards cleanly. Then consider the possibility of a follow through.
How to buy support
Open one eye if we touch 40 cents.
Open both eyes if we go under.
So the best setup to do here is WAIT or SHORT.
I am going to buy the dip soon.
The notes on the chart explains pretty much enough.
Highest Priority : Don't buy without bull divs on RSI.
- If anything a dragonfly doji candlestick below S1 Pivot is also the trigger.
When BTC hits the mark. I'll also pickup the bloodbath of cheap alts.
Not calling any targets. Just need the right setup before...
Reasons why bitcoin is bullish :
- Good news on crypto in general. Volume may return and we may see sustained growth
Reasons why bitcoin is bearish :
- Decreased volume with price up. Means there are alot of bagholders just ready to drop.
- Hidden bearish continuation on daily.
The technicals say bearish but I would rather not short. Best to not trade BTC atm.