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USDC / Bitcoin Spot

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USDCBTC trade ideas

BTC - The State of our BTC - UNION [SOBTCU)I am seeing a lot of people making calls on BTC based on useful TA and insightful written analysis. But to keep it simple let's take a simple look at this complex price action. If you follow me you know I use a dotted Orange Trendline as the Primary Trend. Once the Primary Trend is broken I use it as a reference for support and resistance as seen in the chart. I made the supporting trendlines. So let's see what's going on: My fellow crypto-Trader's this is the State of our Crypto-Union. It appears from the chart that the following is obvious: 1) The price action is using the Primary Trendline as resistance. 2) BTC is trading in the lower in the lower triangle using an artificial trendline as support to demonstrate a potential volatility squeeze (presumed). 3) As I type this the BTCUSDSHORTS are rising. 4) On January 22, 2019, the price was squeezed down to $3433 to flush out the long positions (classic big money manipulation to drive the price lower). 5) On January 27, 2019, another attempt is made to drive price lower driving out the new long positions (still trying to drive the price lower). 6) on both squeeze's the price recovers to about $3533.00 or within $3.00 of each other. This demonstrates buyers still willing to take positions near $3400.00. So WTF? BTC shorts rising; BTC using the primary trend as resistance and volume is drying up -- all seems BEARISH! BUT, LOOK AT THE YELLOW RECTANGLE? We are trading in a $220 dollar range and just below the mean of the rectangle. So, is this BEARISH? It appears BTC is range trading with a slight bearish short-term trend. If the artificial trendline holds as the support, we could see a VOL squeeze with a Bearish move. I am an innocent bystander watching how this turns out because a major move will no doubt ripple through the other major crypto's. I would not even consider taking a position, Long or Short. If anything, look to the trendlines to enter Long or short position strategies. CYA ( Cover Your A$$) this may be a wild ride. I still have a price prediction of 3k by February if you want to know what I am thinking. I would look to LTC and XRP for some excitement... ETH is showing some crazy vol moves as they try to drive the price action lower. If you find my simple analysis and UGLY chart lines help you make better-informed investment decisions, leave a thumbs up and follow me for more exciting chart analysis. Don't forget to follow me on Twitter for my exciting up-to-date charts and life events. Best, Biff
by biffbifford