BTC BREAKOUT OR FAKEOUT?
Updated
Is amazing to see BTC finally manage to enter the red zone, BTC has been in front of the doorstep three-time( 26/10/2019, 11/02/2020, and 01/06/2020) and unfortunately, BTC backed away.
And I just missed the chance to long BTC, and on a dilemma to take any trade on BTC.
I am still skeptical the BTC will passthrough this red zone and reach another high.
Why? Because:
1. The volume of BTC breaking the Triangle Pattern is so low ( it could be a potential Fakeout)
2. The MACD, although we have a crossover, look at how weak it is.
3. The RSI, if we are on the Overbought zone I would be glad because it indicating the trend is strong.
4. There is no best support to put on.
Thus, I would pass the current opportunity to take any entry, I would rather wait for it pass through this red zone taking entry around 11,4k. IF BTC goes close above the red zone we could put SL on 10k which is the optimal support for the current potential bull run.
We could short on the current price, right? Nah I pass too.
Is tempting but is really really risky, I don't see signs of exhaustion from the bull yet, the bull run is still legit, and taking short is just like standing in front of a rampage, waiting to be killed.
Shorter be patient, be careful of a rampage.
And I just missed the chance to long BTC, and on a dilemma to take any trade on BTC.
I am still skeptical the BTC will passthrough this red zone and reach another high.
Why? Because:
1. The volume of BTC breaking the Triangle Pattern is so low ( it could be a potential Fakeout)
2. The MACD, although we have a crossover, look at how weak it is.
3. The RSI, if we are on the Overbought zone I would be glad because it indicating the trend is strong.
4. There is no best support to put on.
Thus, I would pass the current opportunity to take any entry, I would rather wait for it pass through this red zone taking entry around 11,4k. IF BTC goes close above the red zone we could put SL on 10k which is the optimal support for the current potential bull run.
We could short on the current price, right? Nah I pass too.
Is tempting but is really really risky, I don't see signs of exhaustion from the bull yet, the bull run is still legit, and taking short is just like standing in front of a rampage, waiting to be killed.
Shorter be patient, be careful of a rampage.
Note
BTC is touching the 0.5Fib Retracement, If BTC close below it, let's takes a short call.
Note
Note
For those who are holding long or considering to long, keep an eye for reversal signal, BTC is still on Bullish (RSI and MACD), the downward movement is normal, and is not signaling a strong reversal about to happen.Note
Wait for a dip to form, and buy only after it is form.
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