BTC is BULLISH - Zoom Out
Where does price leave us after today's sell off?
If you zoom out and look at BTC on the weekly timeframe we are actually holding support very nicely.
Whereas when we reached these prices in April/May earlier in the year we could not hold 60k region, we have now flipped 60k into strong growing support. We are holding all the higher time frames (Weekly and above) ABOVE 60k at the moment.
Price consolidation at these prices is a good thing after such a strong move since July. The way I see it it, the longer we hold 60k on the higher time frames the bigger the next move to the upside will be. The longer we hold this region and consolidate, the higher the next move. Cause and effect.
What would make me change my mind? a close BELOW 60k on weekly means we can make a push down to the 53k-55k region. That would be my worst case scenario for the bullish case but the time being, BTC is holding nicely at these levels and until that in invalidated the bias is we are building a base to move higher.
Trading is IF that then THIS so should we break the the current uptrend channel and dip into the 40ks then we can start looking at the bearish scenario.
For the moment it's best not to fight the overall trend, which is up.
I have been trading crypto markets for over 4 years so If you appreciate this post and would like more please like the post and comment below. Happy trading 😎
If you zoom out and look at BTC on the weekly timeframe we are actually holding support very nicely.
Whereas when we reached these prices in April/May earlier in the year we could not hold 60k region, we have now flipped 60k into strong growing support. We are holding all the higher time frames (Weekly and above) ABOVE 60k at the moment.
Price consolidation at these prices is a good thing after such a strong move since July. The way I see it it, the longer we hold 60k on the higher time frames the bigger the next move to the upside will be. The longer we hold this region and consolidate, the higher the next move. Cause and effect.
What would make me change my mind? a close BELOW 60k on weekly means we can make a push down to the 53k-55k region. That would be my worst case scenario for the bullish case but the time being, BTC is holding nicely at these levels and until that in invalidated the bias is we are building a base to move higher.
Trading is IF that then THIS so should we break the the current uptrend channel and dip into the 40ks then we can start looking at the bearish scenario.
For the moment it's best not to fight the overall trend, which is up.
I have been trading crypto markets for over 4 years so If you appreciate this post and would like more please like the post and comment below. Happy trading 😎
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