Looking at the chart here, a few things remain clear to me.
First, we have been sitting within the same range for quite sometime now, where bears and bulls have struggled in a perpetual tug of war. In the past whenever we have seen this type of accumulation/distribution all in the same range, it has sat at the bottom range of our forming triangle before pumping to retest the upper range. Just like before, I am waiting for this to breakout of this range to re-test the top.
The second thing I notice is a tightening of our weekly and monthly pivots. As previous price action determines the next week/months points, we can see that these points have become tighter, hinting at a possible squeeze in the very near future.
We either re-test and fail back a bit before continuing upward, or we plow right through resistance this time to finally test 14K.
I am leaning on the bullish side here, as any dump here could mean levels in the 8K range, far below our developing range/triangle.
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First, we have been sitting within the same range for quite sometime now, where bears and bulls have struggled in a perpetual tug of war. In the past whenever we have seen this type of accumulation/distribution all in the same range, it has sat at the bottom range of our forming triangle before pumping to retest the upper range. Just like before, I am waiting for this to breakout of this range to re-test the top.
The second thing I notice is a tightening of our weekly and monthly pivots. As previous price action determines the next week/months points, we can see that these points have become tighter, hinting at a possible squeeze in the very near future.
We either re-test and fail back a bit before continuing upward, or we plow right through resistance this time to finally test 14K.
I am leaning on the bullish side here, as any dump here could mean levels in the 8K range, far below our developing range/triangle.
If you like these ideas, don't forget to follow and like this idea
Thanks!
Note
Looks like we are potentially going to re-test 10K before we break this descending wedge.
I'm adding to my position in this area.
Trade active
As long as the 2/1 support on this Gann Fan continues to remain strong and price continues to bounce as it has over the last month, we can expect some strong bullish action.
If we break that support, I'm opening a fat short til price reaches 8K-8.5K.
Either way, expect big movement soon
Note
volume spikes and we broke structure on this descending wedge. If the TA tests true here then we should see some upwards action to 10800 at min.
Note
As I previously mentioned, any dump below that horizontal support could mean really bad things for btc. I got stopped on my long and began opening shorts. Closing this idea for now and will update when there is more confirmation here worth noting, but for now be prepared for a bearish few days
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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.