I decided to give my personal opinion about current BTC price action,
I would appreciate if you also share yours on comments below.
BTC currently ranging on a channel, shown on chart.
In my opinion, we should be fine as long as we remain here as it is retesting uptrend and I consider it a second push. Therefore I do not see any chance for breaking down right now.
However, next wave will be testing 32K region.
Remember, most of break outs from these kind of channels, will fail. I am talking around 80%, and we will have a sharp correction in case of failure.
However, closing a candle above this channel will lead us to 34K region straight away!
There is a very low chance to not see a correction after that. As we did not retest the uptrend on bigger time frame! BTC needs some more liquidity for moving upward.
Meanwhile, we will see a melt facing pumps on altcoins and I call it a second wave of this mini altcoin season while BTC is trying to break its 32K resistance.
So I personally prefer to get into long positions on ALTs on current dip.
Choose wisely, and try to get into the ones that are retesting their support level on BTC pair. We have seen Major trend reversal and most of ALTs and thats why we seen multiple X gains on some of them so far.
Lets see
I would appreciate if you also share yours on comments below.
BTC currently ranging on a channel, shown on chart.
In my opinion, we should be fine as long as we remain here as it is retesting uptrend and I consider it a second push. Therefore I do not see any chance for breaking down right now.
However, next wave will be testing 32K region.
Remember, most of break outs from these kind of channels, will fail. I am talking around 80%, and we will have a sharp correction in case of failure.
However, closing a candle above this channel will lead us to 34K region straight away!
There is a very low chance to not see a correction after that. As we did not retest the uptrend on bigger time frame! BTC needs some more liquidity for moving upward.
Meanwhile, we will see a melt facing pumps on altcoins and I call it a second wave of this mini altcoin season while BTC is trying to break its 32K resistance.
So I personally prefer to get into long positions on ALTs on current dip.
Choose wisely, and try to get into the ones that are retesting their support level on BTC pair. We have seen Major trend reversal and most of ALTs and thats why we seen multiple X gains on some of them so far.
Lets see
Note
Current correction, reminds me couple of weeks ago when we moved from 25K to retest 19.5K and then we jumped to 29K. So exactly same scenario is happening IMO rnNote
4hour chart confirms this scenario. Signal and entry bars are obvious. Awaiting for confirmation on daily chart.Note
Pullback toward 29.7 region would be best scenario for getting liquidity and will result on continuation toward 32kNote
following the plan.Note
I had some DMs regarding to EMA 20 on my charts. They asked why I am not using other EMAs. Every trader has different techniques. Mine is working with 20 as I look for confirmation on MTRs. I look for gap on this EMA(and only this one) and price resumption for entries. I see it as the most useful indicator.Note
I hope we close inside this channel,daily close below trend line will lead us to 26.5K region.
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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.