Bitcoin Approaching nasty Death Zone
Updated
1) Bitcoin is in a Rising Wedge. The apex of this rising wedge is met by,
2) Downward sloping trend lines
3) Horizontal Resistance
I shall consider shorts after price reacts enough in this range to gauge whether price action is bearish or bullish.
Keep in mind the Bitcoin Halving is 40 days away!! Anything could happen. My Ichimoku analysis looks rather bullish however my bias right now is towards the downside.
2) Downward sloping trend lines
3) Horizontal Resistance
I shall consider shorts after price reacts enough in this range to gauge whether price action is bearish or bullish.
Keep in mind the Bitcoin Halving is 40 days away!! Anything could happen. My Ichimoku analysis looks rather bullish however my bias right now is towards the downside.
Note
Price hugging the bottom of the death triangle. I have closed longs in profits and have set some small shorts. I do not like trading against the trend so it'll only be small profits if successful or small losses if I am wrong.Note
Took profit on the way up. Took profit on the way down after a steady rejection off the death triangle. Out of all positions.Note
Wow! So fun to see how my technical analysis has changed over the years. Now working as an Investment Analyst in Singapore and I can tell anyone reading this for a FACT that traditional TA is complete nonsense. Maybe I should start posting more on Trading View.
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