The big arc pattern I was watching has completed, and BTC has put in a new all time high.
Now we're slogging through some post-halving chop, speculating on the next big move. It's been about 7 weeks of chop around the 660KS now. If you look at the chart, generally this kind of ranging chop lasts for 7-10 weeks before a decisive move that breaks out of the range. This leads me to believe the next big move is likely imminent.
The main pattern I'm watching now is the ascending range I drew with a grey rectangle. Currently, it gives us a bottom at $51K, and top at $125K. The rectangle has a steep ascent, so both support and resistance values are rising.
We don't know which way the next breakout will go yet. I'm a stacker with BTC and long-term bullish, so my strategy here is to have few buy orders in at $52-53K in case of a wick down to the bottom of my range. However, I'm just as happy holding my long-term stack if the price breaks to the upside.
Good luck and enjoy.
Now we're slogging through some post-halving chop, speculating on the next big move. It's been about 7 weeks of chop around the 660KS now. If you look at the chart, generally this kind of ranging chop lasts for 7-10 weeks before a decisive move that breaks out of the range. This leads me to believe the next big move is likely imminent.
The main pattern I'm watching now is the ascending range I drew with a grey rectangle. Currently, it gives us a bottom at $51K, and top at $125K. The rectangle has a steep ascent, so both support and resistance values are rising.
We don't know which way the next breakout will go yet. I'm a stacker with BTC and long-term bullish, so my strategy here is to have few buy orders in at $52-53K in case of a wick down to the bottom of my range. However, I'm just as happy holding my long-term stack if the price breaks to the upside.
Good luck and enjoy.
Note
The range was broken, did not reestablish the trend, was rejected at a key level, and this bullish idea is nullified. I see a lot of people stuck on the bull cycle narrative and ignoring clear signs of danger in this market. It's impossible to know what happens next, but very bearish scenarios are in play and I would say more likely than a quick resuming of the bull trend.
I took the opportunity of the pump to $62K over the weekend to lighten my bags considerably, for the first time since I started buying BTC in 2017. I believe that was a relief rally and there will be considerably lower prices ahead. I sold enough to have cash to take advantage in case of that scenario, and I'm now waiting for a day when there is "blood in the streets" to buy back in.
I kept enough BTC that I can live happily with any scenario.
Good luck out there, it may get very ugly.
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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.