Key battle: Breakout of falling wedge. Or ~$27k SPRING!
Updated
Expecting a second day in a row where BTC battles the impulse core at 38-39k region.
If it can't power through that, and convincingly flip the diagonal resistance line of the falling wedge. Then I would expect the bears to take advantage of the low liquidity weekend, and print the spring that many have possibly miss-labelled the other day.
Either way, expecting a wick to the upside before we go down. So it's probably worth selling into that regardless. You can buy back the retest of the breakout if it occurs. Or win big, and buy back a 10-30% dip this weekend. And there is a very small chance of the spring going even lower... 18k-20k is the bottom support line for this bull run; and the 78% bull run retracement level. But... that seems a bit extreme given the fundamentals behind BTC at the moment.
Mid term - I'm all bullish. Just very wary this weekend. As alts are getting dumped even whilst BTC creeping upwards. That I suspect is large players offloading there, in anticipation of the coming BTC dip.
This could be a fun weekend!
And if my fear is unfounded... then great! Bitcoin should resume the uptrend in a convincing manner for next week. And that will be lucrative across the board.
If it can't power through that, and convincingly flip the diagonal resistance line of the falling wedge. Then I would expect the bears to take advantage of the low liquidity weekend, and print the spring that many have possibly miss-labelled the other day.
Either way, expecting a wick to the upside before we go down. So it's probably worth selling into that regardless. You can buy back the retest of the breakout if it occurs. Or win big, and buy back a 10-30% dip this weekend. And there is a very small chance of the spring going even lower... 18k-20k is the bottom support line for this bull run; and the 78% bull run retracement level. But... that seems a bit extreme given the fundamentals behind BTC at the moment.
Mid term - I'm all bullish. Just very wary this weekend. As alts are getting dumped even whilst BTC creeping upwards. That I suspect is large players offloading there, in anticipation of the coming BTC dip.
This could be a fun weekend!
And if my fear is unfounded... then great! Bitcoin should resume the uptrend in a convincing manner for next week. And that will be lucrative across the board.
Note
This might be in motion!I'm hoping for one of the three circle targets this weekend. If we can hit those that will be the 'real spring' and potentially incredibly bullish for BTC for the remainder of this month.
Related publications
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.