BTC & Market Updates
Updated
After sustaining significant losses through Saturday, Sunday started with BTC slowly heading upwards and Cardano leading the altcoins. As Noted, the chart consists of fractals found in previous similar structures. It would be unexpected for us to continue moving down as it's unlikely introduce additional supply, yet remember to bi vigilant.
Note
My initial estimates were fairly close to the pattern proposed towards the end of may. We've been actively tarding within the channel since, however, if all goes according to my initial forecast, it's unlikely that we go below the previous support. yet it's worthwhile being cautious. My main concern at the moment is persistent lack of volume, Not surprising as a significant number of participants got wrecked and are either waiting on the sidelines for confirmation of the upward momentum or are simply don't have the liquidity to re-enter the market. EIther way, in my opinion we're unlikely to test any levels below previous support, at least not in the short term. I plan on posting a potential reversal trigger shortly. As always DYOR and proceed with caution. Unlike the previous three attempts I did not open a short position, nor do I have any plans to go long until confirmation from market participants.
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.