Are we hunting for stop losses?
Bitcoin has been moving in a narrow wedge for 10 days, which does not give clear signals as to further moves. On the one hand, it is quite understandable that he stopped at this level (strong resistance 10,500 and psychological support out of 10,000). Personally, I think that the situation on the stock markets is quite unclear, so if the SPX continues its downward direction, it will by force, BTC will also fall down. On BTC, we can see a very rapid decline to the 9500 area, followed by a rapid demand breakout back into the upward channel.
The play I have drawn is only indicative to illustrate what may or may not happen. It's just a market.
The play I have drawn is only indicative to illustrate what may or may not happen. It's just a market.
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.