BTCUSD - Up or another downward Leg?
Updated
FACTS:
- Some good amount of rejections around current level
- Nice Spring from BTC around 53k level
- Accumulation phase at this level with higher Low
I'm more bullish than another downward Leg and Accumulation phase around 52-53k. So the good case is BTC goes up after making a breakout above both the MA, then making some correction and look for Bid Wall to find your Corrective level to Jump in.
Worst case: It went down, also look for accumulation phase around 52-53k and wait for another Spring at the trendline and Supporting level along with some bearish Trap. Then all are set to go.
- Some good amount of rejections around current level
- Nice Spring from BTC around 53k level
- Accumulation phase at this level with higher Low
I'm more bullish than another downward Leg and Accumulation phase around 52-53k. So the good case is BTC goes up after making a breakout above both the MA, then making some correction and look for Bid Wall to find your Corrective level to Jump in.
Worst case: It went down, also look for accumulation phase around 52-53k and wait for another Spring at the trendline and Supporting level along with some bearish Trap. Then all are set to go.
Note
Market chose the second path as it could not make a push through both the MAs to close well above the congested range.The second path is to have deeper correction or "much deeper" if the MM wants to take Xmas early for such a year. So, keep your eyes open for signals of both cases. 52-53k is the level to watch.
Monthly chart may lead market to 44k or lower (it's all possible). But from there, BTC is on sideways mode, and take a lot of time to accumulate to resume the trend (if still) or distribute (if bearish for next year)
Note
42k for first touch
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