BTC has gone up quite strongly, after finding a temporary bottom at 5700. However, BTC is in a tough position. Not only did it fail to break 7.8k and attempt a higher high, but it did so with violence. I believe BTC will come back to re-test support at around 6.8k, the neckline of the inverse head and shoulders. If it holds, then 7800+ is in the cards. If it fails to hold, which is the most likely scenario, seeing as we are in a broadening ascending wedge/bear flag, then the next target will be 6500 and lower.
The bear market is still with us, and we should respect that.
The bear market is still with us, and we should respect that.
Note
BTC is not done yet! The price action that we have seen today, on Saturday is very bullish and I suspect whales are prepping for another liquidity pump to the mid 7.7 - 7.8k area before finally coming down and correcting. The red box is where you want to watch out for this movement.Trade closed manually
Idea invalidated. Holding my hedge long from 7386
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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.