Hello Traders,
Let's start off by making one thing clear: When in doubt DON'T SHORT BTC. You better be sure.
It's been a while since we've gotten under the Moving Average. It held off well after the first retest. The candle shaping is indicating that a second retest is iminent at the 17000 level. The market is trading a range in between 15500 and 17300. Below, support levels are hinting at 14250 and an extreme pullback would take us to slightly under 13000. I would only be interested in shorting below the 15500 level, with good signal confirmations on large time frames and pullbacks to the MA.
On a bullish end, I would like to see the market clear the 17900 level and use it as support on a small pullback to the MA.
Combine this train of thought with the Channel, I believe we will be seing some new all time highs.
Good luck! Hope this large timeframe gives good perspective.
Let's start off by making one thing clear: When in doubt DON'T SHORT BTC. You better be sure.
It's been a while since we've gotten under the Moving Average. It held off well after the first retest. The candle shaping is indicating that a second retest is iminent at the 17000 level. The market is trading a range in between 15500 and 17300. Below, support levels are hinting at 14250 and an extreme pullback would take us to slightly under 13000. I would only be interested in shorting below the 15500 level, with good signal confirmations on large time frames and pullbacks to the MA.
On a bullish end, I would like to see the market clear the 17900 level and use it as support on a small pullback to the MA.
Combine this train of thought with the Channel, I believe we will be seing some new all time highs.
Good luck! Hope this large timeframe gives good perspective.