Bitcoin Analysis - Indecisive
Updated
Market Update - Bitcoin - Indecisive
Bitcoin has been in no man's land from the past few days. I was ready to short, when it got rejected 24600 level, but the recent impulsive move upwards move has made me invalidate that idea. Overall the whole market is indecisive. At this point, I am sitting on the sidelines, waiting for the market to do its thing and then enter in trades. Currently there is no trade.
I would only be looking to short bitcoin, if it crawls up to 25700-26000 levels, it would be a nice opportunity to short with minimum risk and the next target would be 17000-15000 levels. This is the only trade that I would take if it comes to my levels.
On the other hand, Bitcoin can just drop dead to the structure lows (blue trendline) and then proceed lower. In that case. I would not be entering in new short positions as market is already at very low levels and shorting from there would not be a good idea. The reward would be less and then theres this major support level at 16000 from where I expect it to reverse completely.
Short Version of the Summary.
No trades as of yet.
If bitcoin touches 25700,26000 levels - Short
If bitcoins falls below the trendline, Only look for buys at major support level.
Bitcoin has been in no man's land from the past few days. I was ready to short, when it got rejected 24600 level, but the recent impulsive move upwards move has made me invalidate that idea. Overall the whole market is indecisive. At this point, I am sitting on the sidelines, waiting for the market to do its thing and then enter in trades. Currently there is no trade.
I would only be looking to short bitcoin, if it crawls up to 25700-26000 levels, it would be a nice opportunity to short with minimum risk and the next target would be 17000-15000 levels. This is the only trade that I would take if it comes to my levels.
On the other hand, Bitcoin can just drop dead to the structure lows (blue trendline) and then proceed lower. In that case. I would not be entering in new short positions as market is already at very low levels and shorting from there would not be a good idea. The reward would be less and then theres this major support level at 16000 from where I expect it to reverse completely.
Short Version of the Summary.
No trades as of yet.
If bitcoin touches 25700,26000 levels - Short
If bitcoins falls below the trendline, Only look for buys at major support level.
Note
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