BitcoinLong
BTC a more bullish scenario to break above dma200; what next?
Last week I posted a more bearish scenario for BTC touching already upper channel & Pitchfork median which provided more chances of BTC being rejected downward.
Here I use a different pitchfork angle & a different big downchannel where BTC still has some space to rise before touching upper channel & also the pitchfork median. (Reason: TA is very subjective as different people see different lines so we need to adapt & adjust based on updated price action)
The reason I made this 2nd scenario is because BTC seems to be holding my very impt 46k, a resistance turned support & it even bounced up. Bulls & Bears are fighting between the black anchored VWAP from 69k & the red dma200 line.
Watching where it breaks from this battlezone will be most crucial to have a hint whether my bearish or bullish scenario may play out. (Sometimes there are also fake-outs & BTC just turn the other direction so set a cutloss in case thesis is wrong)
If BTC breaks above red dma200, it may reach 56k before coming back to retest 46k. A consolidation at the 54k to 58k zone will follow before a retest of 69k ATH. That uptrend line should hold as support.
Not trading advice
Here I use a different pitchfork angle & a different big downchannel where BTC still has some space to rise before touching upper channel & also the pitchfork median. (Reason: TA is very subjective as different people see different lines so we need to adapt & adjust based on updated price action)
The reason I made this 2nd scenario is because BTC seems to be holding my very impt 46k, a resistance turned support & it even bounced up. Bulls & Bears are fighting between the black anchored VWAP from 69k & the red dma200 line.
Watching where it breaks from this battlezone will be most crucial to have a hint whether my bearish or bullish scenario may play out. (Sometimes there are also fake-outs & BTC just turn the other direction so set a cutloss in case thesis is wrong)
If BTC breaks above red dma200, it may reach 56k before coming back to retest 46k. A consolidation at the 54k to 58k zone will follow before a retest of 69k ATH. That uptrend line should hold as support.
Not trading advice
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.
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.