Was doing some thinking and analysing over Bitcoin as I do everyday of the week and discovered something that's of a lot of interest. When analysing Bitcoin previously, I did notice a small structure triangle before, but I was taking further heed to the bigger picture, which is the bigger triangle, that you may have seen in my previous Bitcoin ideas. If you haven't, you can see those by checking the related ideas link below regarding this.
So we have a smaller structure triangle clearly taking action on BTC. What interests me a lot about this is the angle of which the triangle line comes in. It appears to signify that Bitcoin did ultimately actually breakout of the structure already, but since then it's been doing absolutely nothing. Now what does this tell me? It tells me that taking the downside trade which I originally suggested towards horizontal support is now too risky. This is because there is the structure side-wards support right below where we are now, and the horizontal support not much further down as well so to take the short means you'd likely end up getting hit by a huge buy base where price would go straight back up and knock short positions out, and that's not worth it for the tiny range of profit that can be made.
For longs, we're still in a good range and they can be taken, however for the short they'll take quite some time, because we'd have to hit the horizontal support first before even considering a short, and even then we'd need a breakout which would take a while. Shorts are out of the question for now. Longs still same opinion - buy on set up.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
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So we have a smaller structure triangle clearly taking action on BTC. What interests me a lot about this is the angle of which the triangle line comes in. It appears to signify that Bitcoin did ultimately actually breakout of the structure already, but since then it's been doing absolutely nothing. Now what does this tell me? It tells me that taking the downside trade which I originally suggested towards horizontal support is now too risky. This is because there is the structure side-wards support right below where we are now, and the horizontal support not much further down as well so to take the short means you'd likely end up getting hit by a huge buy base where price would go straight back up and knock short positions out, and that's not worth it for the tiny range of profit that can be made.
For longs, we're still in a good range and they can be taken, however for the short they'll take quite some time, because we'd have to hit the horizontal support first before even considering a short, and even then we'd need a breakout which would take a while. Shorts are out of the question for now. Longs still same opinion - buy on set up.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Comment:
Will update this analysis further later on :-)
