Hello everyone, rouzwelt here
This post is just a quick follow-up of my last post about Bitcoin, nothing has changed, all the technicals mentioned in the last post are still valid. We don't yet see any clear direction in the chart, in fact this week has been a boring week already, just sideways move without much volatility. I personally thought that the break down would happen earlier, but we have not yet seen it and we need to wait until that happens. Bulls are trying hard to keep the channel valid but they are coming short to bring the price back up to last impulse move up as we're going ahead. The volume of each impulse is actually lower than the last which is indicating the exhaustion of buyers. But sellers are not doing much, they're not putting that much effort either. But this can change anytime and BTC may start its next definitive move soon, either up or down.
This week's Bitcoin's boring price action has made some room for Alts to grow and regain some the lost levels, but my opinion is that it all can be fake out, because while these alts are rising, I believe that bitcoin price action and volume is indicating a break down, so when BTC dumps, these rising alt will dump even more and haunt all those who gone long in this short uprise. So my suggestion is to be really careful if you plan on going long in any alts at this moment.
So right now my plan is still in its place, nothing has happened in the chart to consider any change of plan, I still find the market weak and lacking enough demand, and I still think a short trade is more logical with all the data we have, I'm going to enter on my short trade as I mentioned in my last post if all the conditions said were meet. (Link: www.tradingview.com/...s-Going-As-Expected/) We still should wait and see whether buyers manage to hold the channel or not, cause price is still sitting near the lower side, so a break-out is may happen anytime. I'm only going to speculate on long position in case we see more demand coming in at these levels.
If you find this post useful then consider hitting the like button and comment if you have any opinion about my post, I'd appreciate it a lot. And as always have fun and trade safe.
This post is just a quick follow-up of my last post about Bitcoin, nothing has changed, all the technicals mentioned in the last post are still valid. We don't yet see any clear direction in the chart, in fact this week has been a boring week already, just sideways move without much volatility. I personally thought that the break down would happen earlier, but we have not yet seen it and we need to wait until that happens. Bulls are trying hard to keep the channel valid but they are coming short to bring the price back up to last impulse move up as we're going ahead. The volume of each impulse is actually lower than the last which is indicating the exhaustion of buyers. But sellers are not doing much, they're not putting that much effort either. But this can change anytime and BTC may start its next definitive move soon, either up or down.
This week's Bitcoin's boring price action has made some room for Alts to grow and regain some the lost levels, but my opinion is that it all can be fake out, because while these alts are rising, I believe that bitcoin price action and volume is indicating a break down, so when BTC dumps, these rising alt will dump even more and haunt all those who gone long in this short uprise. So my suggestion is to be really careful if you plan on going long in any alts at this moment.
So right now my plan is still in its place, nothing has happened in the chart to consider any change of plan, I still find the market weak and lacking enough demand, and I still think a short trade is more logical with all the data we have, I'm going to enter on my short trade as I mentioned in my last post if all the conditions said were meet. (Link: www.tradingview.com/...s-Going-As-Expected/) We still should wait and see whether buyers manage to hold the channel or not, cause price is still sitting near the lower side, so a break-out is may happen anytime. I'm only going to speculate on long position in case we see more demand coming in at these levels.
If you find this post useful then consider hitting the like button and comment if you have any opinion about my post, I'd appreciate it a lot. And as always have fun and trade safe.
