Hello fellow traders,
Huh, quite a batle I would say. Looking at a monthly timeframe we can see some obvious things.
1. We are in a huge triangle on the upper side of it trying to break for some time now
2. So far on a monthly we have a clear rejection of 10500 level
3. If we do not break I see an obvious double top formed - bright yellow line
4. Decreasing volume as seen before at the top of our triangle - circled in white
To make some conclusion. Obviously we can go and break this 10500 level , and it would be quite significant in short term (reaching next resistance at 13800) , but even then it would not mean we are in the bull market, until as I said , we break above 14k in my opinion.
Me my self think we are topping out, end will see the drop down do 5500-6000 levels. After we go close to the bottom of the triangle I am pretty sure that is when we will see the real thing happening (either break lower or going parabolically high) .
Why do I think so?
Well in this case it is really hard not to see the COVID19 situation. People and institutions are very careful with their money saving their cash and waiting to see what will happen. For me it is very hard to see people being ready to put their money into BTC with all the uncertainty about jobs , health and all the economic things going on in the world. That is why for me, I do not see us breaking and starting the new bull run just yet, until the situation calms down a bit, and we start to see real recovery (not talking about stock market, because we all know how much money is printed to keep the stocks stable). I am talking about real recovery that we ''normal people'' see and feel.
I would stay on the lines and wait either braking and closing weekly above 10500 to buy in and wait for the test of 13800, or see the monthly closing inside or below the upper line of the triangle waiting to going down to 8400 and go short until 5500-6000 and see where it will take us next.
Thank you very much for the attention and I really appreciate all the if you follow, like and comment.
Huh, quite a batle I would say. Looking at a monthly timeframe we can see some obvious things.
1. We are in a huge triangle on the upper side of it trying to break for some time now
2. So far on a monthly we have a clear rejection of 10500 level
3. If we do not break I see an obvious double top formed - bright yellow line
4. Decreasing volume as seen before at the top of our triangle - circled in white
To make some conclusion. Obviously we can go and break this 10500 level , and it would be quite significant in short term (reaching next resistance at 13800) , but even then it would not mean we are in the bull market, until as I said , we break above 14k in my opinion.
Me my self think we are topping out, end will see the drop down do 5500-6000 levels. After we go close to the bottom of the triangle I am pretty sure that is when we will see the real thing happening (either break lower or going parabolically high) .
Why do I think so?
Well in this case it is really hard not to see the COVID19 situation. People and institutions are very careful with their money saving their cash and waiting to see what will happen. For me it is very hard to see people being ready to put their money into BTC with all the uncertainty about jobs , health and all the economic things going on in the world. That is why for me, I do not see us breaking and starting the new bull run just yet, until the situation calms down a bit, and we start to see real recovery (not talking about stock market, because we all know how much money is printed to keep the stocks stable). I am talking about real recovery that we ''normal people'' see and feel.
I would stay on the lines and wait either braking and closing weekly above 10500 to buy in and wait for the test of 13800, or see the monthly closing inside or below the upper line of the triangle waiting to going down to 8400 and go short until 5500-6000 and see where it will take us next.
Thank you very much for the attention and I really appreciate all the if you follow, like and comment.