$BTC ANALYSIS - Bitcoin's Hidden Decision Point
Updated
Basically we either bounce off the "Last Hope" level and create a new recent higher high (then moon), or visit the lows of the descending triangle again; which then has a very high chance of failing after so much pressure over the last few months.
I am long off this "Last Hope" support, with a stop just under the same support level.
*Even though it is a bearish pattern forming, I am long because:
- It has not been confirmed.
- The Risk/Return is very high for a long here, shorts won't deliver as high a %. *Always be prepared to counter-trade your bias.*
If we lose the triangle floor, then we visit 6k or less IMO. Hate to say it, but I will be very net short if we close below the floor of the triangle.
I do think the bounce we saw from the traingle floor was pretty weak tbh... doesn't fill me with much confidence here. As soon as I get stopped out on a move down, I will be looking for slow/weak bounces to short into (or wait for the floor to fail). Let's hope that short never happens.
Pray for my long.
I am long off this "Last Hope" support, with a stop just under the same support level.
*Even though it is a bearish pattern forming, I am long because:
- It has not been confirmed.
- The Risk/Return is very high for a long here, shorts won't deliver as high a %. *Always be prepared to counter-trade your bias.*
If we lose the triangle floor, then we visit 6k or less IMO. Hate to say it, but I will be very net short if we close below the floor of the triangle.
I do think the bounce we saw from the traingle floor was pretty weak tbh... doesn't fill me with much confidence here. As soon as I get stopped out on a move down, I will be looking for slow/weak bounces to short into (or wait for the floor to fail). Let's hope that short never happens.
Pray for my long.
Note
3rd arrow ends at my final TP ~20K
Related publications
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.