BTC has held steady over the weekend despite the decreased volumes. This is good for the bulls as Monday should bring more volume to help keep the uptrend alive. For now, BTC is trending in between the 9000 and 8700 level. Coincidentally, the 9000 level is also the 0.236 fib level of the overall downtrend of this bear market. That resistance will be hard to crack, so for the moment I expect BTC to remain in this channel.
However, there is a possible bearish scenario to keep in mind. We could be in a possible rising wedge but imo I dont believe it is that big of an issue. I personally have a bullish bias, and I am seeing increasing volume through the supposed wedge which is not typical of the pattern. We are also seeing a bearish rsi divergence on most time frames as well though.
In terms of trade idea, I am either looking for us to close above the 9000ish level and confirm as support for a long trade, and to open a short if we close below the 8700 level and confirm it as a resistance. Until then, I will be looking to alts for superior returns.
However, there is a possible bearish scenario to keep in mind. We could be in a possible rising wedge but imo I dont believe it is that big of an issue. I personally have a bullish bias, and I am seeing increasing volume through the supposed wedge which is not typical of the pattern. We are also seeing a bearish rsi divergence on most time frames as well though.
In terms of trade idea, I am either looking for us to close above the 9000ish level and confirm as support for a long trade, and to open a short if we close below the 8700 level and confirm it as a resistance. Until then, I will be looking to alts for superior returns.