BitcoinUpdated We should know which way we go relatively soon
I draw out some very basic resistance and support lines, including the current upward channel / wedge. We just can't seem to get enough momentum over a very stubborn area of resistance. Time to plan your moves.
It seems the consensus is a break to the upside for an ATH, followed by a failed re-test of the area of resistance. If so then we'll have to play this game all over again. Bitcoin has been very volatile and I think the higher we go the more likely that will be true.
In my opinion, however, repeated testing and failing of an area of resistance is very difficult to HODL for newcomers who just don't know how to deal with that. If we were to break down, we have a long established area of support about 27% below, which it is possible we overshoot as panic sales kick in.
The weekends are a players market. I am a derivatives HODLer. I am firm on that. I have also lined up funds ready to buy in down lower when we correct (if and when that happens). Happy hunting! Your risk you take is your own. Chart your own success!
It seems the consensus is a break to the upside for an ATH, followed by a failed re-test of the area of resistance. If so then we'll have to play this game all over again. Bitcoin has been very volatile and I think the higher we go the more likely that will be true.
In my opinion, however, repeated testing and failing of an area of resistance is very difficult to HODL for newcomers who just don't know how to deal with that. If we were to break down, we have a long established area of support about 27% below, which it is possible we overshoot as panic sales kick in.
The weekends are a players market. I am a derivatives HODLer. I am firm on that. I have also lined up funds ready to buy in down lower when we correct (if and when that happens). Happy hunting! Your risk you take is your own. Chart your own success!
Note
We break to the downside Sunday. Is this the first move downward? Or is this a Sunday AM buying opportunity? Either way, the trend is broken. There are a few areas of light support in the 55k area. Note
Finding support and resistance between 53-55kNote
Interesting look back to see where we ended up. Into a bearish wedge, and then breaking down further.
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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.