Updated

Will we get stuck in this resistance band? Or will we push up?

It is fairly easy to see we are in a convergence of a short-term upward trendline, mid-term downward channel and long-timeframe horizontal resistance (that previously acted as support). This is going to make it very hard to push upward out of, but if we do, then our next hurdle we have is in the 40-42k area. If we don't we will re-test our prior low.

This is a very risky time to trade. Set your break even stops. Or else stay out of the market until we have a clearer picture across the trading market.

These are just my thoughts. You are entitled to (and should) have your own opinion and I appreciate those that do. Enjoy and trade safely.

Note

Also FWIW, I've been capitalizing on this sideways action to increase my position. I expect to see a few more 40-30-40 swings - but if don't, have I stops set to limit downside, and I am fully positioned if we break to the upside.

Please be very careful. This is not financial advice. You should seek the advice of a financial analyst if you are concerned about losing your investment.

Note

OK so the most current likely path is up back into resistance, and failing to push through, falling back down to the lower downward trendline. It is possible that a weekend pump brings us up higher.

Noting the volume, many people were selling their dip purchases at around 36k. My target was slightly higher so I did not pull the trigger at that point. Ups and downs will continue for the foreseeable future.

Note

Continuing along the downward channel for now.

chillcrypto

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chillcrypto

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