Friday was a great day for longs, yet today depending or your leverage it wasn't today so what happen that night and whats gonna happen heading into next week?
Well we touched up to the hourly emas and got rejected once, yet bitcoin wanted some more and we tested it again as it ended up form a bearish elliot wave and now we dumped all the way to 7009, very close to 7k, but why did we go there and not get supported by the 7120 support line. Well its hard to say, yet at the place that wick closed and where it is acting as support for now is the closes back in Nov 24-29 where 7023 acted like support before going to 6.5k than rebonding acting like resistance than and flip back to support than resistance than we broke out going to 7.8k. As of writing this we tested 7023 9-10 times, sure we wicked under it, yet most of the 9-10 times we touched it or held the position. Atm it looks like another double bottom and begining to wonder if we creating double bottoms to just pump than start dumping agian, will be interesting to see.
So bearish or bullish?
Bearish outlook is in favor, yet has some mix views with bullish ideas.
Bears
- only 6,900ish for the long term downtrend at 14k. only a $100 move and if that line becomes resistance well not good.
-Testing the psychological support of the 7k will be a hell of a fight
-Below hourly emas
Bulls
-Still above the long term downtrend line and above 6.5k creating a uptrendish
-7023 holding as a support and we touched so many times already could be a buy signal
-The hourly emas are rougly at 7153, which we have broken bullish above those prices last week
-Longterm downtrend channel top sits at 5400, gets smaller everyday
I would recommand staying out of leverage trading cause if we break 7k we could drop to 6.7k, which depending on your leverage you get screwed, yet I'm taking the other end of the sword giving myself more wiggle room to play with incase its a fake out.
Well we touched up to the hourly emas and got rejected once, yet bitcoin wanted some more and we tested it again as it ended up form a bearish elliot wave and now we dumped all the way to 7009, very close to 7k, but why did we go there and not get supported by the 7120 support line. Well its hard to say, yet at the place that wick closed and where it is acting as support for now is the closes back in Nov 24-29 where 7023 acted like support before going to 6.5k than rebonding acting like resistance than and flip back to support than resistance than we broke out going to 7.8k. As of writing this we tested 7023 9-10 times, sure we wicked under it, yet most of the 9-10 times we touched it or held the position. Atm it looks like another double bottom and begining to wonder if we creating double bottoms to just pump than start dumping agian, will be interesting to see.
So bearish or bullish?
Bearish outlook is in favor, yet has some mix views with bullish ideas.
Bears
- only 6,900ish for the long term downtrend at 14k. only a $100 move and if that line becomes resistance well not good.
-Testing the psychological support of the 7k will be a hell of a fight
-Below hourly emas
Bulls
-Still above the long term downtrend line and above 6.5k creating a uptrendish
-7023 holding as a support and we touched so many times already could be a buy signal
-The hourly emas are rougly at 7153, which we have broken bullish above those prices last week
-Longterm downtrend channel top sits at 5400, gets smaller everyday
I would recommand staying out of leverage trading cause if we break 7k we could drop to 6.7k, which depending on your leverage you get screwed, yet I'm taking the other end of the sword giving myself more wiggle room to play with incase its a fake out.
