2024-08-14 - priceactiontds - daily update - bitcoin
Good Evening and I hope you are well
tl;dr
Bitcoin - Market is currently in balance 57500 - 62000. No more magic to it. We are in the 7th consecutive day where Bitcoin could not close above the daily 20ema. One side will give up tomorrow.
comment: Last bull trend line is broken and market is moving sideways since last Thursday. Bears keeping it below 62000 which is very important but bulls still buying the dips. Market is currently in balance 57500 - 62000. No more magic to it. We are in the 7th consecutive day where Bitcoin could not close above the daily 20ema. One side will give up tomorrow. Promise.
current market cycle: bear trend until bulls can break above 63000. Below 57500 we will retest 50000.
key levels: 57000 - 62000
bull case: Bulls buying the dips but are failing too much at the daily ema. Tomorrow one side will give up. Bulls need a strong move above 63000 to close the bear gap.
Invalidation is below 57500.
bear case: Can’t make stuff up when market is moving sideways. Clear key levels given. Bears need a strong move below 57500 to make the bulls give up and retest 50000.
Invalidation is above 62000.
short term: full bear mode until we reach 40000 or break above 63000
medium-long term: down to 40000 (could take 1-3 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged since March, obviously updated the time range which was 6-9 months before. —
current swing trade: None
trade of the day: Selling 61400 has worked since Sunday.
tl;dr
Bitcoin - Market is currently in balance 57500 - 62000. No more magic to it. We are in the 7th consecutive day where Bitcoin could not close above the daily 20ema. One side will give up tomorrow.
comment: Last bull trend line is broken and market is moving sideways since last Thursday. Bears keeping it below 62000 which is very important but bulls still buying the dips. Market is currently in balance 57500 - 62000. No more magic to it. We are in the 7th consecutive day where Bitcoin could not close above the daily 20ema. One side will give up tomorrow. Promise.
current market cycle: bear trend until bulls can break above 63000. Below 57500 we will retest 50000.
key levels: 57000 - 62000
bull case: Bulls buying the dips but are failing too much at the daily ema. Tomorrow one side will give up. Bulls need a strong move above 63000 to close the bear gap.
Invalidation is below 57500.
bear case: Can’t make stuff up when market is moving sideways. Clear key levels given. Bears need a strong move below 57500 to make the bulls give up and retest 50000.
Invalidation is above 62000.
short term: full bear mode until we reach 40000 or break above 63000
medium-long term: down to 40000 (could take 1-3 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged since March, obviously updated the time range which was 6-9 months before. —
current swing trade: None
trade of the day: Selling 61400 has worked since Sunday.
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