Bitcoin cooling down on daily timeframe
Updated
So multiple issues here:
Depending on the price action around the 60k support, we might be looking to go lower. If it looks good however, might as well buy. In the less likely case that we start crawling up from here and end up above the resistance, we can turn bullish again on the daily.
I'll add the weekly chart and shortly discuss the buying options, since I am still bullish on the high time frames.
Let's start with the no brainer buy on 52k. Will at least bounce a little. Might as well buy and see where it goes.
If 52k does not bounce with conviction we might end up in a range 40k-52k. However I do not think we will end up there. If it does, it would be an amazing time to enter the market.
60k is the nearest support, which will need to be monitored on the daily timeframe.
- If we follow the path of the price action, we would want the daily to close above the red resistance line to stay bullish. The daily closed below resistance. Which means the resistance is resisting.
- Because of the resistance doing it's job, we are now looking at a lower low on the daily timeframe.
- The dotted line is IMO a shitty support and will more likely fail then hold. Especially since we're here now for the 3d time.
Depending on the price action around the 60k support, we might be looking to go lower. If it looks good however, might as well buy. In the less likely case that we start crawling up from here and end up above the resistance, we can turn bullish again on the daily.
I'll add the weekly chart and shortly discuss the buying options, since I am still bullish on the high time frames.
Let's start with the no brainer buy on 52k. Will at least bounce a little. Might as well buy and see where it goes.
If 52k does not bounce with conviction we might end up in a range 40k-52k. However I do not think we will end up there. If it does, it would be an amazing time to enter the market.
60k is the nearest support, which will need to be monitored on the daily timeframe.
Note
Weekly chart was supposed to be this:Anyway update:
On the daily we kept crawling up. Staying above 68k on daily is bullish scenario.
If weekly closes above 69k and as long as we stay there, it is time to look for entries on altcoins again.
Note
Alright here is a short update since I don't have a lot of time. We are going into resistance now. Let's see what happens here, I will not change my position into resistance. I will stay in the alts.
Last update was this: "If weekly closes above 69k and as long as we stay there, it is time to look for entries on altcoins again." -> since then all alts have been going up only. Mostly looking at the meme coins since these have been major players in this cycle so far.
Note
Sticking to the plan: daily close above support line - > stay in alts.
Note
Bitcoin update:Doge close:
Hope you guys are doing well and managed to exit your positions early enough.
BTC Weekly:
We will likely front run the 42k support and hit the weekly 52k. It will be interesting to see how much we drop and whether there’s a quick dip that might present a buying opportunity.
Monthly:
A candle body between 61k and 57k seems to be the path we're heading towards. The wicks will be interesting on the lower timeframes.
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