BTC analysis 5 June 2021 - potential bull and bear case
The chart on the right is the bullish case.
We are having a contracting triangle in ABCDE completed. We are currently retracing to the levels on the chart. We should bounce before 30 000USD is reach. Adding in this range would be a good long term bag.
The chart on the left is the bearish case.
In this case we are in the bear market where we had an ABC correction down. This ABCDE is the cooling down wave for further downwards actions. If the 30 000USD support level did not hold. We are in the bearish case and will dump lower.
The plan of action.
Our plan is to buy during this range, but manage our risks. Buying BTC between 36 000USD and 30 000USD, stacking the position by 50% of total capital. If we continue to go down below 30 000USD and unable to break back above on the daily timeframe. We will sell all the position and wait for the market to consolidate. If we break above 42 000USD. This confirms a bullish trend and our target is 48 000USD and above.
We are having a contracting triangle in ABCDE completed. We are currently retracing to the levels on the chart. We should bounce before 30 000USD is reach. Adding in this range would be a good long term bag.
The chart on the left is the bearish case.
In this case we are in the bear market where we had an ABC correction down. This ABCDE is the cooling down wave for further downwards actions. If the 30 000USD support level did not hold. We are in the bearish case and will dump lower.
The plan of action.
Our plan is to buy during this range, but manage our risks. Buying BTC between 36 000USD and 30 000USD, stacking the position by 50% of total capital. If we continue to go down below 30 000USD and unable to break back above on the daily timeframe. We will sell all the position and wait for the market to consolidate. If we break above 42 000USD. This confirms a bullish trend and our target is 48 000USD and above.
Comment:
With our analysis above. I bought during this area. It has bounced off nicely. The chart is forming a descending triangle.
Right now, we have 50% position. Will only add more when the triangle is break upwards
Right now, we have 50% position. Will only add more when the triangle is break upwards
Comment:
Comment:
Critical point
Critical point
This is the area for the bullish case for what we were talking about above.