BTC analysis 9 June 2021 - we at a critical point, be prepared
The chart on the left shows we have a descending triangle where is it trying to break above the downward trendline.
The chart on the right shows on a 15mins timeframe that we are trying hard to break this level.
Bullish case - we break here to 37 000USD and retest this trendline in the daily timeframe. This retest will be a good opportunity to buy as we will be going towards 42 000USD. Breaking 42 000USD the next stop is 48 000USD
Bearish case - this is the E wave of the ABCDE on a descending triangle. We fail to break this area and will dump towards 30 000USD again. This time it is likely to break 30 000USD after a number of attempts. Breaking 29000-30000USD area on the daily timeframe will continue the dump which would be official that the bull market is over for this year.
We should observe this key level and react based on confirmation of the direction. This critical point will indicate where we are heading in the mid to long term for BTC and the crypto market.
We still holding 50% of the spot bag. We opened a short position here to hedge against the risk with SL above this level. As we can see, the alts are not moving considering BTC pumped by 9% today. Therefore breaking this level upwards will be a good opportunity take on the alts as cheap price.
The chart on the right shows on a 15mins timeframe that we are trying hard to break this level.
Bullish case - we break here to 37 000USD and retest this trendline in the daily timeframe. This retest will be a good opportunity to buy as we will be going towards 42 000USD. Breaking 42 000USD the next stop is 48 000USD
Bearish case - this is the E wave of the ABCDE on a descending triangle. We fail to break this area and will dump towards 30 000USD again. This time it is likely to break 30 000USD after a number of attempts. Breaking 29000-30000USD area on the daily timeframe will continue the dump which would be official that the bull market is over for this year.
We should observe this key level and react based on confirmation of the direction. This critical point will indicate where we are heading in the mid to long term for BTC and the crypto market.
We still holding 50% of the spot bag. We opened a short position here to hedge against the risk with SL above this level. As we can see, the alts are not moving considering BTC pumped by 9% today. Therefore breaking this level upwards will be a good opportunity take on the alts as cheap price.
Trade closed: target reached:
We are in the bullish case.
Observing. @retest attempt