Hello everyone, taking a look at BTC, I can see some zones, trend lines and areas of interest:
1) We are in a crucial area where failure has resulted in a breakdown and bearish trend .
2) Currently above the yellow trend line which is very bullish .
3) In a bull flag formation.
4) At the top of an inverse head and shoulders .
5) BTC ETF news will be released in August.
With that said, we should be aware of the possible scenarios:
Bullish
1) BTC rallies straight through to 8500.
2) BTC drops to rest the yellow trend line , but should not reach lower than 6900 before rallying to 8500.
Neutral/High Risk
1) BTC drops to the orange trend line and should not reach lower than 6700 before following the potential purple rally point.
2) Breakout or Breakdown can occur here... Either the purple rally with strong continuation or a drop.
3) Please note that after following the first purple arrow fulfills and a head and shoulders pattern with the orange trend line being the neck.
Bearish
1) BTC drops below a price of 6600. This would be extremely bearish and signal closing at least half, if not more positions. The risk here would be very high.
Conclusion:
1) Keep an appropriate stop loss, better to be stopped out and loss a bit and have the market moon after than to have it crash with all your capital.
2) I think the most likely scenario here is the drop towards the yellow trend before a rally towards 8500.
3) Can go short around here with appropriate stop loss or long after the breakout or retest of yellow trend.
*Disclaimer, this is not financial advice. Any positions you choose to buy is 100% your responsibility. What I mean is that you take on all the financial risk as well as all the financial rewards.
-May BTC Reach Mars before Elon Musk
1) We are in a crucial area where failure has resulted in a breakdown and bearish trend .
2) Currently above the yellow trend line which is very bullish .
3) In a bull flag formation.
4) At the top of an inverse head and shoulders .
5) BTC ETF news will be released in August.
With that said, we should be aware of the possible scenarios:
Bullish
1) BTC rallies straight through to 8500.
2) BTC drops to rest the yellow trend line , but should not reach lower than 6900 before rallying to 8500.
Neutral/High Risk
1) BTC drops to the orange trend line and should not reach lower than 6700 before following the potential purple rally point.
2) Breakout or Breakdown can occur here... Either the purple rally with strong continuation or a drop.
3) Please note that after following the first purple arrow fulfills and a head and shoulders pattern with the orange trend line being the neck.
Bearish
1) BTC drops below a price of 6600. This would be extremely bearish and signal closing at least half, if not more positions. The risk here would be very high.
Conclusion:
1) Keep an appropriate stop loss, better to be stopped out and loss a bit and have the market moon after than to have it crash with all your capital.
2) I think the most likely scenario here is the drop towards the yellow trend before a rally towards 8500.
3) Can go short around here with appropriate stop loss or long after the breakout or retest of yellow trend.
*Disclaimer, this is not financial advice. Any positions you choose to buy is 100% your responsibility. What I mean is that you take on all the financial risk as well as all the financial rewards.
-May BTC Reach Mars before Elon Musk
Comment:
At the top of the channel now.
At the top of the channel now.
Comment:
Breaking out of a very important zone. Wait for confirmations to be certain this is not a false breakout. Might finally reach the next leg up!
Breaking out of a very important zone. Wait for confirmations to be certain this is not a false breakout. Might finally reach the next leg up!
Comment:
Absolutely crushed that 7800 resistance zone. There could be further continuations here. 8000 will likely become an important support and psychological number.
Absolutely crushed that 7800 resistance zone. There could be further continuations here. 8000 will likely become an important support and psychological number.
Trade closed: target reached:
Just want to say that we hit that 8500 nicely. Showing a clear overhead resistance at that level for now. If you haven't secured any profits, now would be a good time. 8000 is a weak psychological support at the moment. 7700-7800 should be a good support.
Just want to say that we hit that 8500 nicely. Showing a clear overhead resistance at that level for now. If you haven't secured any profits, now would be a good time. 8000 is a weak psychological support at the moment. 7700-7800 should be a good support.
Closer view. I don't ever use log scale and don't put too much weight on indicators for the overall trend analysis, only when I'm setting up a buy or sell.