Four Possible Scenarios for BTC; Three are bullish!!
Four possible scenarios are about to play out following this massive triangle shaped break out. The break is coming soon sometime in the next few days maybe even sooner. The good news is most of the scenarios seem to be very bullish. The bears have given us a scare but we managed to fend most of them off. It seems like the public and institutions are still interested in seeing higher bitcoin prices. 75% chance we are going up, it's all a matter of time. Of course we always have that small 25% chance that the bulls are done buying, at least for the immediate short term.
If you open a Long make sure you keep an eye out around the last previous all time high level at 41950. This level will be retested and could bounce back down for a minor correction and quick recovery. Take some profits here and maybe exit the trade to re-buy the bounce of the lower dotted trend line. After that we should be on our way up to the next measured move at 49K!!!! That would be a really fun ride.
The bearish scenario, however small... could unfold as well. We would be looking at a break down to the 34.6K level and maybe even retesting 33K again. Shorting a bull market is dangerous and very high risk, I would not recommend it to beginners.
Enjoy the rest of your week!
If you open a Long make sure you keep an eye out around the last previous all time high level at 41950. This level will be retested and could bounce back down for a minor correction and quick recovery. Take some profits here and maybe exit the trade to re-buy the bounce of the lower dotted trend line. After that we should be on our way up to the next measured move at 49K!!!! That would be a really fun ride.
The bearish scenario, however small... could unfold as well. We would be looking at a break down to the 34.6K level and maybe even retesting 33K again. Shorting a bull market is dangerous and very high risk, I would not recommend it to beginners.
Enjoy the rest of your week!