Some minor pull back for this week is possible, looking like anther short entry for me. We hit top of channel which is decision point one for BTC to make a short term reversal and find new support. I can see support at 
42K which if it holds would give bulls an excellent point to push upwards.
Still very bullish on BTC this year and holding on spot, but will continue to make small short moves while this situation plays out. $60k is obviously still on the cards here as well as a parabolic move up from that point, which suits me just fine although the further we push without testing long term lows the more fragile the price.
42K which if it holds would give bulls an excellent point to push upwards. Still very bullish on BTC this year and holding on spot, but will continue to make small short moves while this situation plays out. $60k is obviously still on the cards here as well as a parabolic move up from that point, which suits me just fine although the further we push without testing long term lows the more fragile the price.
Note
Significant drop happened today. Seeing news articles that it was due to Yellen saying this or Musk saying that, which is all just coincidence and looking for reason for a fall. To me the price was exhausted and people wanted to take profit. Looking for further spot entries at $40k, $30k and just above previous ath at $20k, that is if we even reach first target of $40k. These are multi-year spot longs just like previous long entries.Note
Weak bounce after strong bear divergence on the daily indicates more down momentum than up, I remain Bearish on short term outlook until we reach the red trend. Getting and staying above the .786 fib retracement ($56k) would also turn me short term bullish again.Note
We have had a bounce off of trend line and are now looking upwards to both $50k and $55k as next resistance points. BTC was setting itself up for some hidden divergence (Bull) on the daily but failed to print. Still fully expect red trend line to be tapped, and a double bottom at low $43k would signal a nice reversal and hit that trend, but have set average buys on the way down to $33k.
Note
A week on and hindsight allows us to see the red support did not get tapped. I mentioned that $56k would turn me short term bullish which it has, and we now look to higher price ranges. The pitchfork is still showing support and resistance nicely. I will continue updates on newer ideas from now on.
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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.