Good afternoon fellow traders! It took me a while to get back to the charts ... but here it goes. On the short time frame we have become cautiously bullish and as you can see from the chart the next geometrical target is aprox 44K. This converges with Elliot analysis which I will post later ... so in the absence of any FUD tweets, we can be reasonably confident in the pattern continuation. What happens after we reach this target is a different ball game though. Judging by the current volumes I expect a correction to follow and it is worth mentioning that the Death Cross is most likely going to play out in the next 48-72 hrs which will undoubtedly send a bearish sentiment throughout the market (even though it is essentially nothing more than a lagging indication). Furthermore the stock market is heating up and we can expect the Dow Jones to enter a corrective pattern soon as well which, given the direct historical correlation with BTC, can also add to the FUD and sink it even more.
But for now, let us enjoy this short positive break and hopefully trade it successfully as well. What do you think ? Pls leave your thoughts in the comments section.
But for now, let us enjoy this short positive break and hopefully trade it successfully as well. What do you think ? Pls leave your thoughts in the comments section.
