BTC - Bottom COULD be in for now.
Updated
Sup guys,
Quick little analysis on BTC. Mid-term short worked out great from mid 8k down to 7k. We've since had a fair bounce and close off a low of 7040 which is in a huge demand zone and on the triangle drawn. The triangle simply shows that BTC is ranging up and down with price indecision and a tightening range. It can and very well may break down the triangle, only to pop right back up. The lines drawn are not set in stone. They should be used as general areas. As a matter of fact, fake-outs and fake-downs are much more common than actual breaks. If there's a break on HUGE volume with no bounce back, that's when you cut your loss/ enter a position. As the bulls and bears continue to duke it out, the price is making highs and higher lows. At some point, the market will decide which direction to go and it will break out of the triangle. The closer we get to the end of the triangle, the higher the chance that either to bulls or the bears will gain the upper hand and begin a new trend. If you look at a weekly graph for example, You will see that we are in a massive bull flag. Flags like these act as an indicator of indecision, however, tend to break up in bull trends and down in bear trends. The pole of this flag is bitcoin going from 1k to 19k. So long term, we are still in a bull trend long term and just flagging before another pop.
As of now, I'm flat and waiting to see strongly bullish price action. I'm going to be focused on longer term trades in the near future so I won't be buying this unless we get a close above 7.6k on the daily in which I will buy the dip following that. Or I will look to short the bounce if we break down the triangle on high volume as well.
Quick little analysis on BTC. Mid-term short worked out great from mid 8k down to 7k. We've since had a fair bounce and close off a low of 7040 which is in a huge demand zone and on the triangle drawn. The triangle simply shows that BTC is ranging up and down with price indecision and a tightening range. It can and very well may break down the triangle, only to pop right back up. The lines drawn are not set in stone. They should be used as general areas. As a matter of fact, fake-outs and fake-downs are much more common than actual breaks. If there's a break on HUGE volume with no bounce back, that's when you cut your loss/ enter a position. As the bulls and bears continue to duke it out, the price is making highs and higher lows. At some point, the market will decide which direction to go and it will break out of the triangle. The closer we get to the end of the triangle, the higher the chance that either to bulls or the bears will gain the upper hand and begin a new trend. If you look at a weekly graph for example, You will see that we are in a massive bull flag. Flags like these act as an indicator of indecision, however, tend to break up in bull trends and down in bear trends. The pole of this flag is bitcoin going from 1k to 19k. So long term, we are still in a bull trend long term and just flagging before another pop.
As of now, I'm flat and waiting to see strongly bullish price action. I'm going to be focused on longer term trades in the near future so I won't be buying this unless we get a close above 7.6k on the daily in which I will buy the dip following that. Or I will look to short the bounce if we break down the triangle on high volume as well.
Note
The other option is that it breaks right down, never forms a triangle, and we continue down. However, if BTC breaks down 7k, It will really set a downward trend on fire and trends are profitable.
Trade active
bullish on the bottom already being in.
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