Fellow traders,
Contraction of volatility, BBands squeeze on 2day chart indicates that a large move is inevitable. Confirmation 6day chart on the right side of the screen shows bearish momentum. It looks like soon we’ll see BTC at 40k, or lower. The upcoming golden cross may be a fake out. All this will be invalidated if price action manages to stay where it is now, thus hanging on the 50SMA.
On short term time frames 8H, 6H, 4H BTC is in a down trend. 12H TF looks like it wants to jump down to its 200SMA around 40k.
It looks to me like the best course of action is to keep our powder dry and wait for a clear signal that will indicate direction of the coming move. One thing’s for sure though, something’s brewing up :))
Please, share your thoughts on this analysis.
Contraction of volatility, BBands squeeze on 2day chart indicates that a large move is inevitable. Confirmation 6day chart on the right side of the screen shows bearish momentum. It looks like soon we’ll see BTC at 40k, or lower. The upcoming golden cross may be a fake out. All this will be invalidated if price action manages to stay where it is now, thus hanging on the 50SMA.
On short term time frames 8H, 6H, 4H BTC is in a down trend. 12H TF looks like it wants to jump down to its 200SMA around 40k.
It looks to me like the best course of action is to keep our powder dry and wait for a clear signal that will indicate direction of the coming move. One thing’s for sure though, something’s brewing up :))
Please, share your thoughts on this analysis.
www.tradingview.com/chart/4SFB6imV/