So BTC again has proven that sound TA can predict most of its major movements. The entire right shoulder played out as planned and triggered some of my own buys in the 6500 area.
We have fallen out of the H&S pattern - usually we see either a rebound or a decline at this point. Normally I would be bullish at this moment but there are more factors to figure than just TA. People are expecting a bounce down to the low 6000s before we move up. I am a believer in momentum trading when there are no other factors. Right now we have incredibly low volume with significant buy side pressure. I imagine some stops were tripped in the last couple of hours which accelerated our pattern playing out.
I am comfortable buying at current prices but I don't think its unrealistic to see 6000-6200 before we reverse course. To be clear there are no clear buying signs right now - but its hard to imagine this bear market lasting much longer. I expect at least a temporary spike back up to 8k in the near future - breaking 7800 is going to be a challenge on the way up. If we haven't bottomed - I think we are perilously close.
At current prices - with institutional money on the sidelines and the crypto industry growing at a rapid rate its hard to imagine BTC declining past the 6000 mark. My opinion is that we are in buy territory right now - i'm pretty sure we're playing out the bottom before BTC starts to put some weight on. It will be nice to see a turnaround - predicting tops are much more satisfying than bottoms!
**If you find this useful please like or follow - I've been trading crypto profitably for years - hopefully I can help guide you to as well!**
We have fallen out of the H&S pattern - usually we see either a rebound or a decline at this point. Normally I would be bullish at this moment but there are more factors to figure than just TA. People are expecting a bounce down to the low 6000s before we move up. I am a believer in momentum trading when there are no other factors. Right now we have incredibly low volume with significant buy side pressure. I imagine some stops were tripped in the last couple of hours which accelerated our pattern playing out.
I am comfortable buying at current prices but I don't think its unrealistic to see 6000-6200 before we reverse course. To be clear there are no clear buying signs right now - but its hard to imagine this bear market lasting much longer. I expect at least a temporary spike back up to 8k in the near future - breaking 7800 is going to be a challenge on the way up. If we haven't bottomed - I think we are perilously close.
At current prices - with institutional money on the sidelines and the crypto industry growing at a rapid rate its hard to imagine BTC declining past the 6000 mark. My opinion is that we are in buy territory right now - i'm pretty sure we're playing out the bottom before BTC starts to put some weight on. It will be nice to see a turnaround - predicting tops are much more satisfying than bottoms!
**If you find this useful please like or follow - I've been trading crypto profitably for years - hopefully I can help guide you to as well!**
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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.