BTC/USD - Bull or Bear? Projecting 7 days out
Updated
Time horizon: June 18
Volumes declining, reaching end of the triangle. Breakout pattern coming up w/in the next 3 days.
<--Bear scenario - support levels: 32300, 27900
-->Bull scenario - bounce off 35520 within the triangle and if breaks out 39300, good chances to progress to 42800. Strong resistance level - might bounce off 42800 down back to 37000. If breaks through 39k (unlikely), next resistance level at 56k
** NOT INVESTMENT ADVICE.
Volumes declining, reaching end of the triangle. Breakout pattern coming up w/in the next 3 days.
<--Bear scenario - support levels: 32300, 27900
-->Bull scenario - bounce off 35520 within the triangle and if breaks out 39300, good chances to progress to 42800. Strong resistance level - might bounce off 42800 down back to 37000. If breaks through 39k (unlikely), next resistance level at 56k
** NOT INVESTMENT ADVICE.
Note
We're following the Bear Scenario.BUT... beware of a weekend fakeout: trend broke out of triangle but still hovering around 34520 support line from within the triangle, with low volume.
Real action still likely to take place within the next 72h (Monday?)
From there:
(bear)Local POC & overall support @ 32.8k
(bull)Testing resistance zone within the triangle: 36.868k (local Fib) then 39.5k (local POC), and 42.8k (resistance)
Note
June 16, 9:20 AM comment (see below in comment section - reposting here)Bull scenario still in play on a 14 days timeframe.
Within next few days most indicators bearish on BTC. Watch out for a bull trap. Same support levels as prior analysis.
ADX on the 4h looking like DI's gonna cross for a trend reversal from bull to bear calling for a quick short to 36, possibly all the way down to 32.
Note
FED posted negative outlook on interest rates today. Markets took a dive.However, I do not subscribe entirely to the narrative of BTC going down due to the interest rates scheduled to go up - the contrary is expected to happen.
Nonetheless, see previous note - we see a bearish short term trend that should resolve with BTC likely falling to 36 and possibly 32 next.
We should still prepare for 2 scenarios: bounce back up from 36 or 32 support back up, or (not as likely but quite possible) a break through 32 down.
[BCT]
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