BTCUSD update
Updated
No financial advice, just keeping myself accountable.
There are a couple things I see when looking at this chart. First, a potential double top or tweezer top on the daily. BTC failed to close above the .382. A pullback to 8100 occured and then a small bounce was had. Currently waiting to see if anything comes of it. A retrace to 7.7K would be a good spot to evaluate the R:R of a long. Staying flat until further retrace or good break of 8.4K, aside from potential scalps.
While it seems
BTC may be running out of steam at the moment, there is stil liquidity to be tapped up around 8.6-8.8K , and from there a quick run up to 10k would not seem out of the question. I wonder if we do see 7.7K first, if btc will be able to pick momentum up again for that run up. The previous bounces have seen double tops with bear divs on daily rsi for each. I doubt that we see a 3rd example of the same thing, but I do believe the early shorters will get trapped.
There are a couple things I see when looking at this chart. First, a potential double top or tweezer top on the daily. BTC failed to close above the .382. A pullback to 8100 occured and then a small bounce was had. Currently waiting to see if anything comes of it. A retrace to 7.7K would be a good spot to evaluate the R:R of a long. Staying flat until further retrace or good break of 8.4K, aside from potential scalps.
While it seems
BTC may be running out of steam at the moment, there is stil liquidity to be tapped up around 8.6-8.8K , and from there a quick run up to 10k would not seem out of the question. I wonder if we do see 7.7K first, if btc will be able to pick momentum up again for that run up. The previous bounces have seen double tops with bear divs on daily rsi for each. I doubt that we see a 3rd example of the same thing, but I do believe the early shorters will get trapped. Note
also if we do end up breaking down, 6.9 and 6.6K would offer good support. Now that we are above many of the levels that we struggled so for so long to get above, price should be a bit bouncier on the way down. I can see a lower low for a more long term approach. Consolidation here around 8.2k seems likely. hey maybe alts will run a little :)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.