Bitcoin / TetherUSUpdated Bitcoin Update
Hello Traders, I have taken a backseat the past week or so to just observe the action in BTC so I don't overthink and overlook certain factors. Watching and anticipating constantly all of the time blinds you to otherwise obvious things you normally wouldn't miss. This applies to everything in life.
That being said, I think it's safe to say BTC is still in a clear downtrend. Although we have seen a relatively strong bounce for a day or two after retesting an impulsive low and have seen a rise in volume, it still doesn't look to be enough to beat that 200 MA.
We have seen endless fake-outs on both short and longer time frames, this is the reason I would absolutely NOT trade breakouts until absolute confirmation. We have real potential to keep going further down unless we see a very strong impulse move up very soon. This seems to be the last chance. Need to see a squeeze-out right about here to continue an uptrend.
Let me know your thoughts,
That being said, I think it's safe to say BTC is still in a clear downtrend. Although we have seen a relatively strong bounce for a day or two after retesting an impulsive low and have seen a rise in volume, it still doesn't look to be enough to beat that 200 MA.
We have seen endless fake-outs on both short and longer time frames, this is the reason I would absolutely NOT trade breakouts until absolute confirmation. We have real potential to keep going further down unless we see a very strong impulse move up very soon. This seems to be the last chance. Need to see a squeeze-out right about here to continue an uptrend.
Let me know your thoughts,
Note
We are seeing a potential break from the downtrend channel. This is NOT financial advice but use caution with these "breakouts". This is just another one of MANY that have shown themselves, confirmation in this situation is most critical.
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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.