TL:DR - Have patience, wait to see if we have a bullish bounce off of the purple trendline or a bearish fall. Breaking $7000 would be very bearish while any bounce on good volume is my buy signal.
Bitcoin has been very quiet for the last 4 days, slowly inching closer to the purple lower boundary of the symmetrical triangle I have proposed. In my last post I know I said "next 2 days" and "next 7 days" are crucial, and they are, but look at the two weeks of 3/30-4/11 when Bitcoin also more or less traded sideways before the short squeeze. We could see another period like this but I suspect some news will come out In the next 48-72 hours that will catalyze this market.
I have made very few changes to the chart. I expect a bounce soon followed by a break of the symmetrical triangle. The critical level to hold is $7100-$7000. I'm not saying we will see those numbers again as we could just bounce from here. I am looking for some signal to buy and probably buy big.
On the other hand, there is the possibility BTC has setup a descending triangle like Ethereum did 2 weeks ago. This would be bearish. I have drawn a black dotted line marking the lower boundary of a potential descending triangle. The critical support level there is $6800-$6650 followed by $6000. I'll update as market conditions change.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Bitcoin has been very quiet for the last 4 days, slowly inching closer to the purple lower boundary of the symmetrical triangle I have proposed. In my last post I know I said "next 2 days" and "next 7 days" are crucial, and they are, but look at the two weeks of 3/30-4/11 when Bitcoin also more or less traded sideways before the short squeeze. We could see another period like this but I suspect some news will come out In the next 48-72 hours that will catalyze this market.
I have made very few changes to the chart. I expect a bounce soon followed by a break of the symmetrical triangle. The critical level to hold is $7100-$7000. I'm not saying we will see those numbers again as we could just bounce from here. I am looking for some signal to buy and probably buy big.
On the other hand, there is the possibility BTC has setup a descending triangle like Ethereum did 2 weeks ago. This would be bearish. I have drawn a black dotted line marking the lower boundary of a potential descending triangle. The critical support level there is $6800-$6650 followed by $6000. I'll update as market conditions change.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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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.