Bitcoin break out or rejection?
I still find Bitcoin to be stuck in a HTF down trend channel leading back from the high mid to late last year.
I understand some fundamentals at play with the halving coming up and the Hash ribbons indicator indicating the minors are accumulating again but on a technical stand point of view where we are now just seems like the idea position to trap a lot of retail money and short it down.
I'm looking at the down trend as holding for a rejection but if we do push higher on a break out I'm looking at that next supply zone as the potential resistance.
Ultimately i see us bouncing on this EQ for a few more days and then looking for a break to short down to the last demand that was created, although i find is a very weak order block and wouldn't be surprised if we push lower again.
I will start to do my Weekly analysis on bitcoin and post it here for our students in the MBA Trading Academy to see and monitor
Keen to hear everyone's thoughts but im only looking short to mid term on Bitcoin right now
I understand some fundamentals at play with the halving coming up and the Hash ribbons indicator indicating the minors are accumulating again but on a technical stand point of view where we are now just seems like the idea position to trap a lot of retail money and short it down.
I'm looking at the down trend as holding for a rejection but if we do push higher on a break out I'm looking at that next supply zone as the potential resistance.
Ultimately i see us bouncing on this EQ for a few more days and then looking for a break to short down to the last demand that was created, although i find is a very weak order block and wouldn't be surprised if we push lower again.
I will start to do my Weekly analysis on bitcoin and post it here for our students in the MBA Trading Academy to see and monitor
Keen to hear everyone's thoughts but im only looking short to mid term on Bitcoin right now
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