BTCUSD Potential bullish scenario
Updated
If, I mean, if, BTC doesn't break 7700 support and bounces back to 9k, it will create a very bullish pattern where we can find adam and eve bottoms on the chart.
If you have followed me for a while, you know I had always been holding a bearish attitude toward this market. However, I would like to see the bull market returns just like others. Now I felt that people in this market are despair and all chatrooms/communities are getting quiet. These are probably signs that the market has already filtered out the gamblers and moon boys.
This is not any kind of financial advice and even myself would not trade this potential bullish pattern until it is completed.
If you have followed me for a while, you know I had always been holding a bearish attitude toward this market. However, I would like to see the bull market returns just like others. Now I felt that people in this market are despair and all chatrooms/communities are getting quiet. These are probably signs that the market has already filtered out the gamblers and moon boys.
This is not any kind of financial advice and even myself would not trade this potential bullish pattern until it is completed.
Note
The movement of BTC now looks very bullish.Note
Well everytime I say something "looks" bullish/bearish. The opposite is the true. So dont trust intuition. So forget about the double bottom. Let's back to bear mode and aiming to a much lower bottom.Note
So the chance that we could have a double bottom is still here. I did give you the 7600-7800 as the local bottom for this dip but I didn’t expect that 7700 held so well when it was tested the second time. Although I really want to believe the reversal is coming, I would not trade it. I have sold most of my spot coins the day right after the first 7700 dip and closed my positions. Now I am just staying out and watch what is their next move.Note
Three times. They could not break 7700. I can the bounce coming.Note
By the way it is highly risky trading at the moment because it could either be an epic leg up or a death drop. I will only place my order when the volume is up and when it breaks previous high/low (when the direction is clear).Note
Wait for the show.Note
Very weak pump. I don't think the pump will take us to anywhere if the volume keeps so low. The whales do not show the strong intention.
We don't trade patterns. We draw them.
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.