Bitcoin Bearish Momentum Building - (Time to Be Careful)
Bitcoin is still currently trading in the ascending triangle as it has all week, inching its way up little by little. With that said, I am more bearish than yesterday with the break of 50k and a rejection of that level. That's a huge red flag. Furthermore alts bounces have been significantly weaker than BTC which was the opposite the prior week. Something has change. Momentum has also slowed with a the weekly overextend for quite some time.
The bears have my attention and I am looking to the downside as the more likely outcome. The only sliver of good news for the bulls is that the 4hr ema is still holding, a level that's been support for quite some time, but if the Ethereum and Litecoin is any indication; it may lose it soon.
The bears have my attention and I am looking to the downside as the more likely outcome. The only sliver of good news for the bulls is that the 4hr ema is still holding, a level that's been support for quite some time, but if the Ethereum and Litecoin is any indication; it may lose it soon.
Trade closed: stop reached:
Congratulations to the bulls. I think it's safe to say that we have broken bullish, albeit relatively low volume. Target towards 55 - 60k isn't unreasonable in the near-term.
With that said, I still wouldn't discount a significant pullback at some point to revisit sub 50ks. Hence I still don't believe this to be a good entry establish swing positions in my opinion. But there is opportunity for short-term trades.
Personally, I did fomo into a Litecoin sizable position based on the LTC/USDT & LTC/BTC chart. If the bullish sentiment stays intact, I expect it to be play catchup and outperform. But again Bitcoin is still King, so will need to be prepared for potential weekly pullback at some point that'll drag everything down.
With that said, I still wouldn't discount a significant pullback at some point to revisit sub 50ks. Hence I still don't believe this to be a good entry establish swing positions in my opinion. But there is opportunity for short-term trades.
Personally, I did fomo into a Litecoin sizable position based on the LTC/USDT & LTC/BTC chart. If the bullish sentiment stays intact, I expect it to be play catchup and outperform. But again Bitcoin is still King, so will need to be prepared for potential weekly pullback at some point that'll drag everything down.