We've now made a LH and a new trend line drawn in, which looks to be potentially forming a descending wedge with our new green downward parallel channel support.
I'm still not discounting we go over 10k again in the midterm, so don't call me a permabear, because I'm not, but for now the weakness that BTC is showing (at least short term) suggests to me we are headed down a bit more.
We need to hold above 9525 IMO to invalidate this next idea and break above 10,480 for this direction to be considered bullish, but right now i'm not seeing that happening.
Keeping in mind, we may not even create this W bottom and just go straight for the jugular around 9125 - from there i'll be considering my longs.
Could we see a W bottom play out like we've seen on a tonne of alts lately before another crack at 10,450?
I
I'm still not discounting we go over 10k again in the midterm, so don't call me a permabear, because I'm not, but for now the weakness that BTC is showing (at least short term) suggests to me we are headed down a bit more.
We need to hold above 9525 IMO to invalidate this next idea and break above 10,480 for this direction to be considered bullish, but right now i'm not seeing that happening.
Keeping in mind, we may not even create this W bottom and just go straight for the jugular around 9125 - from there i'll be considering my longs.
Could we see a W bottom play out like we've seen on a tonne of alts lately before another crack at 10,450?
I
Note
Taking some off the table here @ 9340, however keeping the remainder of my trade open and moving stops down into profit because I feel this could still have more to go, but happy to be proven wrong once short term direction is confirmed.Happy to open a long once this temp bottom is confirmed for a push back up into that falling wedge resistance around 9600, if we can break above 9525
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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.