BTC (and whole crypto market by proxy) pressing on long term trend line as resistance.
I'm short, I sold all assets expecting a downturn towards 38000 and possibly lower.
On 51k, expect a run up as that's a breakout on longer term picture.
I've drawn a view of Elliot wave on longer timeframe, but not totally sure that's the right way to view it as the ABC is really done earlier with trend down complete, but this is what I'm looking at as I don't believe the bull market is quite here yet.
I'm short, I sold all assets expecting a downturn towards 38000 and possibly lower.
On 51k, expect a run up as that's a breakout on longer term picture.
I've drawn a view of Elliot wave on longer timeframe, but not totally sure that's the right way to view it as the ABC is really done earlier with trend down complete, but this is what I'm looking at as I don't believe the bull market is quite here yet.
Note
I'll say that I sold everything in a rather bold statement of my feeling on this position. The last little run up surprised me and I rode it. I'm out here seeing where it stopped and probably the "why" as well as it pinged right on the trendline I drew. But you can't predict the price, you just trade it.
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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.