I'm seeing 3 possibilities in play: All are bearish
Today was a pretty strange day for Bitcoin. The day started off going as planned, slightly higher than I had considered but we ended up getting the follow through I was planning for. But we hit a wall earlier than expected which could potentially change some things. Firstly we could still be in the running flat and on our way down. Alternatively we could be in the process of an expanded flat with one more hit to $7,500 before heading down. But along the way there have been several indications that I've read as pointing to the downside, but we've remained pretty steadily above $7,000, which leads me to believe that we could potentially be in the makings of a larger structure leading to another hit to $8,100 before making the last structure to the downside. I'm still short under the assumption that we are in the process of heading down, but I'm open to the potential of going long for more potential upside than planned. Regardless, I still hold to the idea that we are in a structure designed to provoke insecurities in the overall psychology of the market in the process of bottoming. My reasoning is that the longer we play in flats, the weaker upside potential gets.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.