Overview: BTC/USD came back from the brink, but that deep of a correction that fast is not going to leave us without a fight from the bears.
WTF Mate? Crazy chop at the recent bottom. Everybody wanted in, and everybody wanted out, depending on the hour, for 16 hours straight. What a ride.
TA: We're inside of a sloppy ascending triangle, with the zone of resistance acting as the top line of the triangle. Could see a rising wedge, but even those have broken up more than usual during this bull run.
Volume has been declining since the original break down, so we can't be convinced of the recovery, and we can't be convinced by the bears.
Indicators are telling me "meh". No macro trend reversal in the making here, but I'd be surprised if we don't have at least one more scare before an ATH breakout again.
My Thoughts: I think it's a good time to have some cash on hand for a dip lower, or ride this out til we break out of the triangle to give the 54-55k region a try.
If you're feeling froggy, you could short the first candle broken below the triangle around 49k, or long the candle that breaks out of the triangle AND the resistance zone. Tight stops highly recommended here.
For shorts, bottom side target of 46 would be easy, and likely not the last of the dump. Afterwards, both 44.5k and 42k seem like reasonable places to TP. For longs, 54-55k makes sense for TP.
Good luck.
WTF Mate? Crazy chop at the recent bottom. Everybody wanted in, and everybody wanted out, depending on the hour, for 16 hours straight. What a ride.
TA: We're inside of a sloppy ascending triangle, with the zone of resistance acting as the top line of the triangle. Could see a rising wedge, but even those have broken up more than usual during this bull run.
Volume has been declining since the original break down, so we can't be convinced of the recovery, and we can't be convinced by the bears.
Indicators are telling me "meh". No macro trend reversal in the making here, but I'd be surprised if we don't have at least one more scare before an ATH breakout again.
My Thoughts: I think it's a good time to have some cash on hand for a dip lower, or ride this out til we break out of the triangle to give the 54-55k region a try.
If you're feeling froggy, you could short the first candle broken below the triangle around 49k, or long the candle that breaks out of the triangle AND the resistance zone. Tight stops highly recommended here.
For shorts, bottom side target of 46 would be easy, and likely not the last of the dump. Afterwards, both 44.5k and 42k seem like reasonable places to TP. For longs, 54-55k makes sense for TP.
Good luck.
Trade active:
That was even faster than I thought it would be. What I posted still stands, i.e. 46k was easy target for bears, anything below 45k would be gravy and shouldn't be taken for granted.
Good luck.
Good luck.