2024-09-25 - priceactiontds - daily update - bitcoin
Good Evening and I hope you are well.
tl;dr
Bitcoin - Look at the daily chart. Absolutely in balance is what this is. Please see my weekly outlook for more info.
comment: Did not change anything from my weekly chart since market is doing nothing. You don’t see a market printing 6 of those bars very often. Be prepared for the breakout.
current market cycle: trading range (again a triangle on the daily chart)
key levels: 57000 - 65000
bull case: Bulls had 3 legs up and moved sideways since. No side has an advantage here. Bulls need to get above 65000 for 67000/68000. Don’t try to analyze more than there is to it.
Invalidation is below 61500.
bear case: I won’t bore you longer. Bears need to get below 61500.
Invalidation is above 65000.
short term: Neutral as can be.
medium-long term: Down to 40000 (could take 1-3 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged since March, obviously updated the time range which was 6-9 months before.
current swing trade: Nope
trade of the day: Clear support and resistance. Either scalp it or set up alarms and don’t look at it until they go off.
tl;dr
Bitcoin - Look at the daily chart. Absolutely in balance is what this is. Please see my weekly outlook for more info.
comment: Did not change anything from my weekly chart since market is doing nothing. You don’t see a market printing 6 of those bars very often. Be prepared for the breakout.
current market cycle: trading range (again a triangle on the daily chart)
key levels: 57000 - 65000
bull case: Bulls had 3 legs up and moved sideways since. No side has an advantage here. Bulls need to get above 65000 for 67000/68000. Don’t try to analyze more than there is to it.
Invalidation is below 61500.
bear case: I won’t bore you longer. Bears need to get below 61500.
Invalidation is above 65000.
short term: Neutral as can be.
medium-long term: Down to 40000 (could take 1-3 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged since March, obviously updated the time range which was 6-9 months before.
current swing trade: Nope
trade of the day: Clear support and resistance. Either scalp it or set up alarms and don’t look at it until they go off.
Related publications
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.
Related publications
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.