BTC - playing with the fire, can make it or break it
Updated
BTC is playing with a fire at this time, got stuck between that blue line and red line making it a triangle and causing the whole confusion however it's still above that downtrend and was in similar situation just a few days back, its exactly the same situation as the last week.
Now in this tricky situation, it can go up (more chances when you look at alts and RSI is positive, MACD is neutral and most of the indicators are also positive) or down (less chances but possible) coz of indecisiveness.
For the first time I can say I wouldn't trade right now, instead wait it out. If HODLing, then use stop loss and hope for the best and repeat of what happened last week... i.e., spike up!
Now in this tricky situation, it can go up (more chances when you look at alts and RSI is positive, MACD is neutral and most of the indicators are also positive) or down (less chances but possible) coz of indecisiveness.
For the first time I can say I wouldn't trade right now, instead wait it out. If HODLing, then use stop loss and hope for the best and repeat of what happened last week... i.e., spike up!
Note
If we don't go up soon, this is a bearish wedge and breakout might happen soon. It going up will be a pennant and then we can have a breakout up. For now it doesn't looks neutral to me so can take any direction. Still in No mans land!
Note
So that was a bearish wedge, resulted in break down towards 8900. 8700 is the support level, it can go down there however with the current volume, it will be hard to break that support so that can act as reversal zone. Lets see.
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