Bitcoin Enters Bullish Territory? Chart Dynamics
Updated
Bitcoin is about to enter bullish territory. If we get a move and close above the $70,000-$71,000 price range, Bitcoin is now in bullish territory as the lower highs chart structure breaks down. (A break above 70,000 would produce the first higher high.)
At this point, if it happens, we do not LONG Bitcoin. Instead, we focus on the Altcoins and those pairs/projects that are trading low/near support.
If Bitcoin moves and closes above $70-$71,000, the doors are open for additional growth but we would only enter at support after a correction.
As long as Bitcoin remains below $74,000 strong possibility remains for a sudden crash but after breaking 70/71,000 the lower low scenario becomes less likely.
The only thing that would change for our map in the case of a bullish break of resistance is the removal of the lower low scenario (this is positive).
I repeat, we do not LONG Bitcoin at resistance (here) but instead focus on those pairs/projects that are trading really low and near resistance. These will offer a much better risk/reward ratio.
If Bitcoin moves above resistance, the fact will remain that it has been rising for more than 75 days and a correction can happen anytime. We do not buy at resistance but at support.
Our entry would be only when a support level is activated.
Currently Bitcoin is trading below the mentioned levels and thus the lower low scenario remains valid based on technical analysis.
➢ Bitcoin's bearish potential remains intact.
Thank you for reading.
Namaste.
At this point, if it happens, we do not LONG Bitcoin. Instead, we focus on the Altcoins and those pairs/projects that are trading low/near support.
If Bitcoin moves and closes above $70-$71,000, the doors are open for additional growth but we would only enter at support after a correction.
As long as Bitcoin remains below $74,000 strong possibility remains for a sudden crash but after breaking 70/71,000 the lower low scenario becomes less likely.
The only thing that would change for our map in the case of a bullish break of resistance is the removal of the lower low scenario (this is positive).
I repeat, we do not LONG Bitcoin at resistance (here) but instead focus on those pairs/projects that are trading really low and near resistance. These will offer a much better risk/reward ratio.
If Bitcoin moves above resistance, the fact will remain that it has been rising for more than 75 days and a correction can happen anytime. We do not buy at resistance but at support.
Our entry would be only when a support level is activated.
Currently Bitcoin is trading below the mentioned levels and thus the lower low scenario remains valid based on technical analysis.
➢ Bitcoin's bearish potential remains intact.
Thank you for reading.
Namaste.
Note
I looked at some 50 Altcoins today, big and small, and have been looking at hundreds of Altcoins in the past few weeks. There is no correlation between Bitcoin's rise and the Altcoins market.
The rise seems manipulated and extremely weak.
Either Bitcoin's rise is a bull-trap or the effect of Bitcoin rising is yet to be reflected on the Altcoins market.
The way it normally works, when Bitcoin starts to go up or is set to go up, the Altcoins boom, fast. This time around, Bitcoin has been rising but the Altcoins are super-weak.
Just a note to be cautious.
Trade active
Resistance (green) is SHORT territory.
Support (red) is LONG territory.
➢ We are within SHORT territory.
This is the place to go SHORT (sell —down—red). This is not a place to go LONG.
Just a friendly reminder.
Bitcoin's bearish potential remains intact and the last major resistance as well.
We are still within a lower high compared to 29-July.
Thank for your continued support.
You are appreciated.
Namaste.
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