Bitcoin Bullish or Bearish
Many people want to trade BTC, claiming that it's headed to 10k or that a relief rally to 30k will come. There is no edge, no implied strength, and even not that much weakness, a trade in either direction with a stop loss will probably get wiped out.
However, if one was to look at the chart there are a few things that are evident:
- Bullish divergence developing after a failed breakdown and bearish divergence that played out in a very weak manner.
- Three consecutive marginal lower lows holding support again implying accumulation and seller exhaustion.
- And lastly the breaking of a downward-sloping trendline that has acted as resistance on 5 different occasions.
During a normal market, I would be longing and would be extremely bullish. However, this is not a normal market and during a bear market, the chances of this playing out are extremely low. The next few days will be to see if the trendline break is key.
Stay posted as I WILL UPDATE AND TAKE A TRADE IN THE NEXT FEW DAYS.
However, if one was to look at the chart there are a few things that are evident:
- Bullish divergence developing after a failed breakdown and bearish divergence that played out in a very weak manner.
- Three consecutive marginal lower lows holding support again implying accumulation and seller exhaustion.
- And lastly the breaking of a downward-sloping trendline that has acted as resistance on 5 different occasions.
During a normal market, I would be longing and would be extremely bullish. However, this is not a normal market and during a bear market, the chances of this playing out are extremely low. The next few days will be to see if the trendline break is key.
Stay posted as I WILL UPDATE AND TAKE A TRADE IN THE NEXT FEW DAYS.
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