BTCUSD - Path to new highs 2 or Correction looming? Crossroads+
Currently, we seem to find ourselves at a crossroad yet again. Is this truly a path to new highs? Yes, overall Market Cap has greatly increased, that is a clear given. Is institutional money already pumping futures-like volume in this sector? Yes, but haven't they already been doing that all year? Regardless, I digress. the blast through 8k is anything but a blast, mere poke at best, at least at time of writing this. Will tonight prove to be a solid breakthrough of the over-mentioned level? Time will tell.
At the moment as well, we note that many technical strategists are calling this the B wave of an ABC correction stemming down from the previously established ATH* on "no 2x" day. By that logic, we should see (sooner or later) a C wave coming down from here... or so they think.
If we go by the technicals, we see a clearly an overbought reading regarding the longterm picture. However, Bitcoin has proven time and time again that the technicals only show a road map, not an exact GPS play by play. We have to be nimble and flexible. If we break through 8K with force, there is a clear buy signal that will emerge, from which we could initiate short term trades, and remain cautious of the overall overbought sentiment.
In the event that we do not cross 8K with force, would this classify to be a Double Top? Definitely something to monitor. We note further support levels at $7000, $6700, $6000, & $5500. The channel above has been extended from a previous analysis I did recently, not one I've posted, but a notepad I've kept handy for the recent near term trades I have been in/out of. I decided to extend it and let it play out given the fact that the recent "correction" was steep/quick and noted retracing back into channel depth.
Comments and questions always welcome.
At the moment as well, we note that many technical strategists are calling this the B wave of an ABC correction stemming down from the previously established ATH* on "no 2x" day. By that logic, we should see (sooner or later) a C wave coming down from here... or so they think.
If we go by the technicals, we see a clearly an overbought reading regarding the longterm picture. However, Bitcoin has proven time and time again that the technicals only show a road map, not an exact GPS play by play. We have to be nimble and flexible. If we break through 8K with force, there is a clear buy signal that will emerge, from which we could initiate short term trades, and remain cautious of the overall overbought sentiment.
In the event that we do not cross 8K with force, would this classify to be a Double Top? Definitely something to monitor. We note further support levels at $7000, $6700, $6000, & $5500. The channel above has been extended from a previous analysis I did recently, not one I've posted, but a notepad I've kept handy for the recent near term trades I have been in/out of. I decided to extend it and let it play out given the fact that the recent "correction" was steep/quick and noted retracing back into channel depth.
Comments and questions always welcome.
Disclaimer
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.