BTC analysis 15 June 2021 - Potential bear and bull case
Looking at the chart after the dump from 65 000USD, we can clearly see the price moving between the 30 000USD - 42 000USD range. The price just broke upwards of the falling channel shown on the chart. This was an indication of bulls coming back, we had a 9% pump ever since this channel was broken. However we have not yet broken through the 42 000USD level. Here are the bull and bear cases that you need to consider when adding to you position or selling your bag of crypto.
We will look at the bear case first - We had an ABCDE in a symmetrical triangle pattern which formed the A on the chart. This followed by the B wave down to retest 30 000USD range. If we take a fib extension, the 1:1 range is exactly at the 42 000USD area which is also our major resistance. This indicates there is still a chance that the bears will come back as we complete ABC correction upwards in a 1:1 extension format. As much as we want the bulls to remain control, we need to consider the possible bear case and BE PREPARED.
Now the bull case - As how I emphasis above, we need to break 42 000USD resistance. breaking this level will mean we are moving upwards momentum and fully exits this sideway action. Right now, we are still within the 30 000USD to 42 000USD range which is the side ways. Breaking 42 000USD will be as significant as break 30 000USD where everyone expects 20 0000USD and call it the end of bull market. Therefore all eyes on 42 000USD level.
Currently, we still hold 75% of the spot bag. We will add more to the spot bag and enter into leverage once 42 000USD is broken and retested to be valid. No action is taken now, we observe the market.
We will look at the bear case first - We had an ABCDE in a symmetrical triangle pattern which formed the A on the chart. This followed by the B wave down to retest 30 000USD range. If we take a fib extension, the 1:1 range is exactly at the 42 000USD area which is also our major resistance. This indicates there is still a chance that the bears will come back as we complete ABC correction upwards in a 1:1 extension format. As much as we want the bulls to remain control, we need to consider the possible bear case and BE PREPARED.
Now the bull case - As how I emphasis above, we need to break 42 000USD resistance. breaking this level will mean we are moving upwards momentum and fully exits this sideway action. Right now, we are still within the 30 000USD to 42 000USD range which is the side ways. Breaking 42 000USD will be as significant as break 30 000USD where everyone expects 20 0000USD and call it the end of bull market. Therefore all eyes on 42 000USD level.
Currently, we still hold 75% of the spot bag. We will add more to the spot bag and enter into leverage once 42 000USD is broken and retested to be valid. No action is taken now, we observe the market.
Comment:
As predicted...
Trade closed: target reached