Support for now
Hello, folks? How's everything going? I truly hope you didn't have any long position on BTC.
Not too long ago, I said it would be wise to short despite that one day rally that made me lose a bit of money (stop losses are wonderful things!). Today, I'm here to say that the $4,600 area is likely to be one in which price will go sideways for a little while. I affirm this because the 1h chart shows that price dropped rather gradually, there was good volume at the lowest point, and there is diversion between the CCI and price movement.
If you are looking to go long, maybe there is an opportunity here, but definitely not for expressive gains. I'll take 3% gains anytime I can, believe me. My overall sentiment is bearish until the charts tell me otherwise. As Alexander Elder has said: "A man who falls off the second floor of a building is not going to walk anytime soon."
Have a blessed day!
Not too long ago, I said it would be wise to short despite that one day rally that made me lose a bit of money (stop losses are wonderful things!). Today, I'm here to say that the $4,600 area is likely to be one in which price will go sideways for a little while. I affirm this because the 1h chart shows that price dropped rather gradually, there was good volume at the lowest point, and there is diversion between the CCI and price movement.
If you are looking to go long, maybe there is an opportunity here, but definitely not for expressive gains. I'll take 3% gains anytime I can, believe me. My overall sentiment is bearish until the charts tell me otherwise. As Alexander Elder has said: "A man who falls off the second floor of a building is not going to walk anytime soon."
Have a blessed day!
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