so BTC moved down a little bit; but in my opinion we are still in range, which could mean a period of consolidation. as you can see on the chart, there is a falling wedge pattern in play on 4H and these patterns tend to break upside. so as long as the bottom line which is around 19600 holds, the bull argument has the upper hand, with a target up to 21000 and more.
but we also have lost the support of the upper boundary of the cloud which makes things a little bit worrisome. but we do have the bottom of the cloud and so many layers of resistance beneath us which instills confidence.
all other indicators are showing signs of decline, and MACD has crossed down in 4H too. but in my opinion if you are already in a long position, you should not worry; just set your stop loss at around 19600 and enjoy the show. if you are a day trader, i think the Risk/Reward ratio is not at an acceptable level right now. if the price conquers 19350 area, i might enter targeting 20500 and higher.
and if you are thinking about opening a short position, i think it is a little bit too soon if 18600 holds.
as you can see the wedge has room left for almost another week at most, so this range movements should come to and end within a week or so, which i think it wouldn't last that long.
all i am saying is watch out for 18600 if it holds there is nothing to worry,if it doesn't lets see where we land and we will decide then.
but at the end, its your money, so its your decision. do your own research and trade safe.
but we also have lost the support of the upper boundary of the cloud which makes things a little bit worrisome. but we do have the bottom of the cloud and so many layers of resistance beneath us which instills confidence.
all other indicators are showing signs of decline, and MACD has crossed down in 4H too. but in my opinion if you are already in a long position, you should not worry; just set your stop loss at around 19600 and enjoy the show. if you are a day trader, i think the Risk/Reward ratio is not at an acceptable level right now. if the price conquers 19350 area, i might enter targeting 20500 and higher.
and if you are thinking about opening a short position, i think it is a little bit too soon if 18600 holds.
as you can see the wedge has room left for almost another week at most, so this range movements should come to and end within a week or so, which i think it wouldn't last that long.
all i am saying is watch out for 18600 if it holds there is nothing to worry,if it doesn't lets see where we land and we will decide then.
but at the end, its your money, so its your decision. do your own research and trade safe.