BTC accumulating and trading sideways
Updated
I'm just a day trader sharing my ideas, please do not take them as financial advice. Always do your own research.
It's been a while since my last update, and on my previous idea, I expected BTC to spring off support at 41k, which it momentarily did before heading to lower lows.
We had a false breakout to 39.6k, which lasted no more than a few minutes (Scaring a lot of traders), followed by huge buying pressure which took the pair to 42k (5% increase) in a couple of minutes, showing the unwillingness of buyers head down lower, and a lack of power from sellers.
However, this buying pressure alone wasn't enough to break pattern and BTC seems to be trading sideways for the moment between the levels of 41k and 42k.
A daily close above 42k would bring a long of bullish momentum, with short-term targets like 45k (Where local resistance resides), while a close below 40k would send the pair to newer lows, like 38k (Where stronger support can be found).
That being said, there are still clear signs of accumulation, with big wallets stocking up on BTC at a discount, so a bounce from this levels is not out of reach.
The market is highly leveraged right now (And risky), and liquidations and stop losses being hit can increase volatility fast.
I think BTC has reached a decisive point, and looking back in time, we can see that moments like this (Where bottoms are reached) have brought great opportunities (Alongside a lot risk).
I am still bullish, stocking up on every dip, and bringing my average entry price lower.
We have to stay vigilant, avoid entering over-leveraged positions, and remember to always take profits along the way.
Good luck everyone!
It's been a while since my last update, and on my previous idea, I expected BTC to spring off support at 41k, which it momentarily did before heading to lower lows.
We had a false breakout to 39.6k, which lasted no more than a few minutes (Scaring a lot of traders), followed by huge buying pressure which took the pair to 42k (5% increase) in a couple of minutes, showing the unwillingness of buyers head down lower, and a lack of power from sellers.
However, this buying pressure alone wasn't enough to break pattern and BTC seems to be trading sideways for the moment between the levels of 41k and 42k.
A daily close above 42k would bring a long of bullish momentum, with short-term targets like 45k (Where local resistance resides), while a close below 40k would send the pair to newer lows, like 38k (Where stronger support can be found).
That being said, there are still clear signs of accumulation, with big wallets stocking up on BTC at a discount, so a bounce from this levels is not out of reach.
The market is highly leveraged right now (And risky), and liquidations and stop losses being hit can increase volatility fast.
I think BTC has reached a decisive point, and looking back in time, we can see that moments like this (Where bottoms are reached) have brought great opportunities (Alongside a lot risk).
I am still bullish, stocking up on every dip, and bringing my average entry price lower.
We have to stay vigilant, avoid entering over-leveraged positions, and remember to always take profits along the way.
Good luck everyone!
Trade closed: target reached
Broke the 43k resistance! Followup idea: 
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