The current 4-hr narrative
We're touching the bottom of a downward sloping channel that leads to the bottom of a huge 10K range that corresponds with the same consolidation range we had on the way up, during the bull market. We're in a bear market again - and the bear market will eventually take the price down to the 12K area. It's very likely, though, that we will first have some kind of a bull trap up to as high as 50K before we head back all the way down to touch the bear market bottom. If we break upward from this channel, the price will get to at least 35K and likely up to the 40K area (ie, top of the range), and then, potentially, after an initial pullback/rejection, we will get the bull trap up to 50K.
That's it. It's all very clear and un-sexy. Never go for the sexy trade -- you will get REKT. Not every move is "We're going to 20K!" or "We're going to 100k!" In fact, most aren't.
That's it. It's all very clear and un-sexy. Never go for the sexy trade -- you will get REKT. Not every move is "We're going to 20K!" or "We're going to 100k!" In fact, most aren't.
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.