BTC Long or Short?
Hey folks, happy weekends!
BTC seems to be at a zone of strong resistance and this is an important decision point.
Overall, BTC looks more bearish while there are some indicators that points to the bullish side such as the wyckoff distribution pattern. The RSI is currently oversold and we see whales dumping at the resistance line. ABCDE correction pattern also seems to be taking place in the bear flag that has formed. On the weekly timeframe, bitcoin looks really bullish and ready for a breakout and it does seem to be following the Wyckoff distribution pattern, but we also see a bearish RSI divergence on the weekly timeframe. For short term traders, it might be smart to sell now and buy in once it breaks above the resistance line. For long term traders, it's probably a good idea to just hold onto your bitcoin because it's going to go up eventually.
BTC seems to be at a zone of strong resistance and this is an important decision point.
Overall, BTC looks more bearish while there are some indicators that points to the bullish side such as the wyckoff distribution pattern. The RSI is currently oversold and we see whales dumping at the resistance line. ABCDE correction pattern also seems to be taking place in the bear flag that has formed. On the weekly timeframe, bitcoin looks really bullish and ready for a breakout and it does seem to be following the Wyckoff distribution pattern, but we also see a bearish RSI divergence on the weekly timeframe. For short term traders, it might be smart to sell now and buy in once it breaks above the resistance line. For long term traders, it's probably a good idea to just hold onto your bitcoin because it's going to go up eventually.
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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.
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.