Punish the FOMO, BTC hitting local top
Updated
BTC and almost all ALTS had amazing rallies the last few days.
My last idea played out almost perfectly, and we saw it hit the upper channel, having passed the decending trendline.
Now BTC has to hold above, we will likely see a retest of the trendline as support, the orange path is most likely (80%)
As long as we stay above the trendline, i would predict a strong rebound from the bottom of the channel and 30k in the next 2 months, ACCUMULATE!
Of course with more buying pressure/FOMO we could see a breakout upwards from the channel, however this is unlikely and a risky trade. (20%)
However with FOMO pullbacks can be brutal and some alts are seeing longs getting punished already.
My last idea played out almost perfectly, and we saw it hit the upper channel, having passed the decending trendline.
Now BTC has to hold above, we will likely see a retest of the trendline as support, the orange path is most likely (80%)
As long as we stay above the trendline, i would predict a strong rebound from the bottom of the channel and 30k in the next 2 months, ACCUMULATE!
Of course with more buying pressure/FOMO we could see a breakout upwards from the channel, however this is unlikely and a risky trade. (20%)
However with FOMO pullbacks can be brutal and some alts are seeing longs getting punished already.
Note
As expected, we saw BTC peeking out of the channel, however no true break up was seen and we will likely tap downwards, to retest the channel bottom. The other option would be a tap of the 1D upwards trendline, which would point towards an upward squeeze
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