remember that awful week at the end of the school year where you had a bunch of tests all at once? feels like that's where bitcoin is right now. i see a potential bullish trajectory here, with a series of tests along the way:
1 & 2 - down trendlines - if BTC doesn't pass these first two, we're still in a bearish pennant
3 - margin pressure (4x longs, 3x shorts) - passing this one would be pretty bullish . i think we'd see a significant shift in market sentiment.
4 - strong support/resistance zone (plus margin pressure from 3x shorts who don't believe BTC will make a new ATH )
5 - margin pressure (3x longs, 4x shorts)
and if that wasn't enough, the real tests are still ahead ( H&S neckline and major down trendline)
1 & 2 - down trendlines - if BTC doesn't pass these first two, we're still in a bearish pennant
3 - margin pressure (4x longs, 3x shorts) - passing this one would be pretty bullish . i think we'd see a significant shift in market sentiment.
4 - strong support/resistance zone (plus margin pressure from 3x shorts who don't believe BTC will make a new ATH )
5 - margin pressure (3x longs, 4x shorts)
and if that wasn't enough, the real tests are still ahead ( H&S neckline and major down trendline)
Note
i guess you could say test 0 would be holding support here. i don't think BTC is dumb enough to fail this one, but who knows!Note
passed test 0, but i'm giving BTC a C- on this oneNote
solid performance on test 1. i'll give BTC a B+ on this oneNote
because i'm in a good mood, i'll be generous and give BTC an A on test 2Note
elon missed his entry again so he decided to tweet the price down to his liking. i guess we have to change test 2 to an F, sorry bitcoin. luckily there are a couple make-up tests, starting with the top of the pennant
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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.