Bitcoin caution trying to Ape out the diagonal breakout.
I would like to express my concerns with the idea of many who are looking to ape into the Bitcoin diagonal breakout should it occur. If you zoom out a bit, you'll find that the diagonal channel can often be far less important than the horizontal and well-defined lines for R and S (resistance & support).
Diagonal trend lines are extremely important and useful and helpful tools for T/A, but they can also become highly misleading when people begin to look at them without paying attention to the horizontal lines.
Futures markets open soon, and we will begin to get some real direction as well as increased volatility and reactions to narratives as they roll in from markets, world news etc.
Bulls have their hands full RN trying to defend the line at 19k to hold as support. In the more immediate time frames Bulls are trying to regain 19.5k as support. Currently $19.5 is turning into current R.
In the grander scheme of things if you zoom out and look at the last 4 weeks, you find that there has been constant progress by the Bears to keep walking is down and keeping the overall HIGHS coming down even with market rallies.
The entire American stock market as a whole had several good days in a row and many stocks ran quite well to the upside and gave nice gains. However, Bitcoin couldn't even get back up towards the last ATH from relief/oversold rally at the
25K range. Instead, it ended up down at the 
23K range for its next ATH. If this trend is to continue, we are looking at 21k range to be the next TOP for the current incoming relief rally, should we get one this week to open the markets.
If the narratives overall remain the same, then we are looking at most likely getting BAD news from Fed reports as they come in Wed-Fri. and i would expect RED candles for the markets as a whole which will most likely provide the same for Bitcoin and all of crypto.
Trade Safely, cautiously, wisely and remember that staying in the game beats trying to time the game perfectly. Don't exhaust all your capital, careful with leverage.
Diagonal trend lines are extremely important and useful and helpful tools for T/A, but they can also become highly misleading when people begin to look at them without paying attention to the horizontal lines.
Futures markets open soon, and we will begin to get some real direction as well as increased volatility and reactions to narratives as they roll in from markets, world news etc.
Bulls have their hands full RN trying to defend the line at 19k to hold as support. In the more immediate time frames Bulls are trying to regain 19.5k as support. Currently $19.5 is turning into current R.
In the grander scheme of things if you zoom out and look at the last 4 weeks, you find that there has been constant progress by the Bears to keep walking is down and keeping the overall HIGHS coming down even with market rallies.
The entire American stock market as a whole had several good days in a row and many stocks ran quite well to the upside and gave nice gains. However, Bitcoin couldn't even get back up towards the last ATH from relief/oversold rally at the
25K range. Instead, it ended up down at the 23K range for its next ATH. If this trend is to continue, we are looking at 21k range to be the next TOP for the current incoming relief rally, should we get one this week to open the markets. If the narratives overall remain the same, then we are looking at most likely getting BAD news from Fed reports as they come in Wed-Fri. and i would expect RED candles for the markets as a whole which will most likely provide the same for Bitcoin and all of crypto.
Trade Safely, cautiously, wisely and remember that staying in the game beats trying to time the game perfectly. Don't exhaust all your capital, careful with leverage.
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