BTC non-bullish
For me BTC is at best neutral. I would not consider buying it befor it breaks above the orange resistance trendline. Even if it does I would not expect an immediate price explosion (maybe 50% to 30k but then a retest back to ~22k. That is when I would first buy it. I can also imageine a few months of sideways action.
I can see a bear flag forming on multiple timeframes - even up to the monthly level now (which this chart represents). This, combined with the orange resistance trendilne and the fact that the 2017 top at ~19.800 was a weak level (only a wick reached it then it was easily broken through on the first try), I would say that a convincing retest would occur for me somewhere between 10k-13k. At least that level made price react on several occasions. That makes it a more valid support area for me.
As we are heading deeper into the recession (recent CPI data shows an increasing inflation, uneployment rates started to rise, winter is coming in Europe, energy prices are still hectic), I do not expect people and institutes to start large-scale spending just yet. I am sure, if we survive the following months maybe few years, the market will present us with some buying opportunities of a life-time - or at least for the following decade.
I can see a bear flag forming on multiple timeframes - even up to the monthly level now (which this chart represents). This, combined with the orange resistance trendilne and the fact that the 2017 top at ~19.800 was a weak level (only a wick reached it then it was easily broken through on the first try), I would say that a convincing retest would occur for me somewhere between 10k-13k. At least that level made price react on several occasions. That makes it a more valid support area for me.
As we are heading deeper into the recession (recent CPI data shows an increasing inflation, uneployment rates started to rise, winter is coming in Europe, energy prices are still hectic), I do not expect people and institutes to start large-scale spending just yet. I am sure, if we survive the following months maybe few years, the market will present us with some buying opportunities of a life-time - or at least for the following decade.
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