BitcoinLong
$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
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