Bitcoin looks like it wants to go lower
Heyooooooooooooooooooo! Haven't published in a while but wanted to share my thoughts on Bitcoin. Not financial advice just my two cents!
1. Bitcoin broke above descending trendline and is now using it as support, so I guessssssssss the "bump and run" is still in play, but we may be bumping more before running
2. Volume profile shows 3 distinct distribution levels:
a. 53.6k-
59K: this is the range that I will be using the confirm Bullish continuation
b.
46K-50k: this is the range that I will be calling "No Man's Land". Trade it at your own risk but it just feels like a trappy range to me
c. 40.6k-
36K: this is where I will be scattering limit order buys
3. Going to await a break in negative RSI trend to confirm reversal
Share your thoughts and predictions & happy trading!
1. Bitcoin broke above descending trendline and is now using it as support, so I guessssssssss the "bump and run" is still in play, but we may be bumping more before running
2. Volume profile shows 3 distinct distribution levels:
a. 53.6k-
59K: this is the range that I will be using the confirm Bullish continuationb.
46K-50k: this is the range that I will be calling "No Man's Land". Trade it at your own risk but it just feels like a trappy range to mec. 40.6k-
36K: this is where I will be scattering limit order buys3. Going to await a break in negative RSI trend to confirm reversal
Share your thoughts and predictions & happy trading!
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.