Bitcoin Trading Sideways
Updated
I personally think that the way Bitcoin will be trading the rest of this month is sideways, we still have to close the CME futures gap with is outlined by an orange rectangle. Once we close that gap and trade out sideways I see another massive run up to the $9,500 level which would be the target for a measured move out of the descending channel. So right now I am neutral on Bitcoin and looking for an opportunity to long it once I see the RSI lower and the gap filled. Not to mention the Golden Cross on the weekly that I called since December 8th.
Also having two bullish patterns forming (ascending channel and inverse head and shoulders) is extremely bullish.
Be greedy when others are fearful, and fearful when others are greedy, and neutral when everyone is neutral.
There is extreme greed in the stock market and the crypto market just moved from extreme fear to neutral. I say short the stocks and wait on Bitcoin.
Any comments and questions will be welcomed and welcomed. Happy trading and have a good week.
Also having two bullish patterns forming (ascending channel and inverse head and shoulders) is extremely bullish.
Be greedy when others are fearful, and fearful when others are greedy, and neutral when everyone is neutral.
There is extreme greed in the stock market and the crypto market just moved from extreme fear to neutral. I say short the stocks and wait on Bitcoin.
Any comments and questions will be welcomed and welcomed. Happy trading and have a good week.
Note
Correction the target price for the inverse head and shoulders is $9,350 and the descending channel target price is $12,860.
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