Critical decision point for BTC
Updated
6769 is a line of high resistance. Price will have to enter and break the triangular area formed by the resistance line (red), ascending wedge (cyan) and the medium term channel (green). This is required to maintain bullish momentum. I am not optimist since the current price action is fractal of this whole bear market. Once this critical area is saved, a big green candle or sustained buying pressure must be maintained to break the ascending wedge upwards.
Today I expect sideways or more up . Given the current market climate, going down to a new lower low or -higher low- is more likely than going up within the next week.
Disclaimer: I hodl btc 0.61% and trade with other coins. I have no active BTC 0.61% trades
Today I expect sideways or more up . Given the current market climate, going down to a new lower low or -higher low- is more likely than going up within the next week.
Disclaimer: I hodl btc 0.61% and trade with other coins. I have no active BTC 0.61% trades
Trade closed: target reached
Effectively, BTC could not maintain momentum and got rejected on the resistance line I charted last week. Low volume and high bot activity creates fractal movements on price action which make BTC more predictable than usual. BTC is maintaining support on top of the descending channel´s resistance. I think it´s likely it will continue going down on the next few hours if BTC cannot break resistance.Note
there is no nearby support. I think that If there isn´t a strong surge within the next 24hs we will likely will go down to find a new lower low/high
Note
Also note this is the 3rd consecutive bear flag and the previous 2 broke to the downside confirming bear market. Only difference now is that the flag part is more like a symmetrical triangle while the previous 2 were rising wedges. Most probably going for a lower high than a lower low in the short TF.
Trade closed: target reached
As expected, the bear flag broke down. As I type this a new flag is forming (and taking shape of an ascending triangle flag)... this is the higher low I was mentioning yesterday.
If this flag breaks down, I think we may be going to test new lows. Scenario B, big green candle buys some air. I´m leaning towards the former.
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.