BitcoinShort
Bitcoin, time for a dip?
As I anticipate some more sideways trading for #BTC for the next month or so I will be looking for a short position if certain criteria are met.
The DXY looks set for a pull back and a possible pump and if this occurs the price of #Bitcoin will be affected to the reverse effect.
We could see a small rally back up to the top of the wedge around the 44k mark and will need to see if there is rejection from the trendline to enter a short position.
This can then be managed down possibly even to the 25k mark as the logarithmic growth chart looks set to have its bottom touched.
As this growth chart has been used in the past, anytime we have touched or surpassed the 'bottom' it has presented us with the greatest buying opportunities in history.
The bottom target of the wedge we are currently consolidating in hits this very bottom, and history has shown that once we have touched the fib level of the log growth, we have gone on to touch the bottom every time. A large rally in the price has subsequently followed this.
As always, we could still go the other way and break to the upside and the target of the wedge should we break the resistance is also shown, however the bias must be more for the downside move at this moment in time.
Leave a like and let me know your thoughts.
The DXY looks set for a pull back and a possible pump and if this occurs the price of #Bitcoin will be affected to the reverse effect.
We could see a small rally back up to the top of the wedge around the 44k mark and will need to see if there is rejection from the trendline to enter a short position.
This can then be managed down possibly even to the 25k mark as the logarithmic growth chart looks set to have its bottom touched.
As this growth chart has been used in the past, anytime we have touched or surpassed the 'bottom' it has presented us with the greatest buying opportunities in history.
The bottom target of the wedge we are currently consolidating in hits this very bottom, and history has shown that once we have touched the fib level of the log growth, we have gone on to touch the bottom every time. A large rally in the price has subsequently followed this.
As always, we could still go the other way and break to the upside and the target of the wedge should we break the resistance is also shown, however the bias must be more for the downside move at this moment in time.
Leave a like and let me know your thoughts.
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