BTC WEAKENING
As you all know i was expecting higher levels for BTC, I initially called for 48 - 49 k and then i was expecting higher levels around 52-54 k, however bulls have faild to give BTC the final push, showing now sign of distribution. We have now broken the lower boundary of the ascending wedge, which gives us a bearish signal. Also the price is forming a top HnS with the characteristic shrinking in volume at different rallies, although this is not complete yet, i am now expecting lower levels, to 40k and possibly 37k to then resume the bull run. To be sure 100% we will need to wait for the right shoulder to form and the price to pierce the neckline, however if we keep close eyes on the volume we may be able to anticipate the move. I am now looking to lock profit, by possibly selling 30% of my positions in the next rally to 47 k (this is my strategy, not yours). I will look to reneter at 39 k for a nice run up. This will happen during the course of the next 2 weeks. However i suggest you to place a stop loss on this short at 47500. If that level is broken BTC will likely continue his course. I want to point out that this HnS is on the 4h timeframe, so the implications are limited and it is a relatively short mmovie I remain firmly bullish. I always expected a retracement, and I am glad is coming so we can take advantage of it.
I do apologise if I am not super detailed in the chart or description, but I am on holiday and updating you from my phone.
Any questions, feel free to ask.
Don't forget to follow me for more updates and charts on request.
Like and share.
I do apologise if I am not super detailed in the chart or description, but I am on holiday and updating you from my phone.
Any questions, feel free to ask.
Don't forget to follow me for more updates and charts on request.
Like and share.
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