We are not out of the woods yet.
Bears are still around as we witnessed it today.
As anticipated, we had a slight pullback to the 10780 Usd (i anticipated more pullback to the 10700-10500usd, i prefer to be more careful not to be trapped).
Btc seems to be more bullish than anticipated, traders are excited having excited this heavy downtrend line.
We found support on the main donwtrend line, and now on the local downtrend line, which is encouraging.
It looks like we formed a smaller cup and handle inside the main cup and handle. A bullish sign that could help to make a higher high.
But we are still just freshly "out" of this "bubble pattern". It means Btc is still weak from this important correction, that might not be over.
What we do need now is 1 higher high to the 11700 Usd from the 20th of February to definitely feel comfortable.
This will definitely make traders feel comfident and ready to start entering this shaking market again.
This higher high is going to be decisive, as it will create : the cup and handle formation, the higher high and the potential propulsion to the C&H target.
As the situtation is not completely clear, do not get over excited, we could still plunge back inside the downtrend channel to test some lower resistances.
Good luck.
Bears are still around as we witnessed it today.
As anticipated, we had a slight pullback to the 10780 Usd (i anticipated more pullback to the 10700-10500usd, i prefer to be more careful not to be trapped).
Btc seems to be more bullish than anticipated, traders are excited having excited this heavy downtrend line.
We found support on the main donwtrend line, and now on the local downtrend line, which is encouraging.
It looks like we formed a smaller cup and handle inside the main cup and handle. A bullish sign that could help to make a higher high.
But we are still just freshly "out" of this "bubble pattern". It means Btc is still weak from this important correction, that might not be over.
What we do need now is 1 higher high to the 11700 Usd from the 20th of February to definitely feel comfortable.
This will definitely make traders feel comfident and ready to start entering this shaking market again.
This higher high is going to be decisive, as it will create : the cup and handle formation, the higher high and the potential propulsion to the C&H target.
As the situtation is not completely clear, do not get over excited, we could still plunge back inside the downtrend channel to test some lower resistances.
Good luck.
Trade active:
We are on the good way it seems.
Trade active:
Quick update of today: psychological level of 11.500 Usd had a quick reach and reject to 11.260, which is very encouraging so far, as the reject was not very important (yet) and quickly started a bullish counter move.
Now, the 11.700 Usd is to watch, as it's going to be a double psychological level for traders : buying at 11.700 is risky, knowing that 11.700 will make a potential double top from last week that could create a fall, but reaching it can make Btc go to new highs by forming the complete cup and handle.
We need dangerous and ultra motivated traders right now to give a chance to Btc for reaching past 11.700 Usd.
A reach of the 11.700 could make a pullback to the 10.800 usd, or it could completely propulse Btc to the 12.500 Usd in a few days by over excitement of a psychological target broken by the top.
Now, the 11.700 Usd is to watch, as it's going to be a double psychological level for traders : buying at 11.700 is risky, knowing that 11.700 will make a potential double top from last week that could create a fall, but reaching it can make Btc go to new highs by forming the complete cup and handle.
We need dangerous and ultra motivated traders right now to give a chance to Btc for reaching past 11.700 Usd.
A reach of the 11.700 could make a pullback to the 10.800 usd, or it could completely propulse Btc to the 12.500 Usd in a few days by over excitement of a psychological target broken by the top.
Trade active:
If Btc doesn't do a local higher high (around 11.850 Usd) with a candle above that level, i would heavily suspect Btc to be definitely in a bull trap.
This BT would drive BTC to a retest of its line of life.
If we go below the line of life, which is of course a possibility, then we might have some nice long term buy opportunity, especially regarding alts.
We could witness a capitulation selloff from lots of newcomers that joined crypto fever during the Nov Dec Jan and even Feb months.
Good luck.
This BT would drive BTC to a retest of its line of life.
If we go below the line of life, which is of course a possibility, then we might have some nice long term buy opportunity, especially regarding alts.
We could witness a capitulation selloff from lots of newcomers that joined crypto fever during the Nov Dec Jan and even Feb months.
Good luck.