Bitcoin is showing some strength today as it breaks out of some strong downward resistance, however it may not be very long lasting.
On the longer weekly time frame, I think we are seeing a quite obvious rising wedge after a large move from the all time high.
I don't quite believe the bottom for the market is in just yet, so I am open to the idea of a short from 30k-32k back down towards approx $20k.
I wont get overly bearish if we reach these levels unless there is absolutely no support. The 618 golden pocket fib lines up exactly at that zone.
Time frame from this trade is approx 6 months.
On the longer weekly time frame, I think we are seeing a quite obvious rising wedge after a large move from the all time high.
I don't quite believe the bottom for the market is in just yet, so I am open to the idea of a short from 30k-32k back down towards approx $20k.
I wont get overly bearish if we reach these levels unless there is absolutely no support. The 618 golden pocket fib lines up exactly at that zone.
Time frame from this trade is approx 6 months.
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Looking towards 27,200 for Support at the golden pocket fib.
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28,100 support level. BTC showing strength and I have changed my bias. I am now bullish expecting higher targets.
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Reason for switching my bias resulted from a few large factors. Orderflow on BTC was not showing extreme bearish data, and we continued pushing into the 30k zone several times without a major retrace. This should be classified as strength in the market. Every time you have sellers adding to their positions at 30k, when that level is broken there is a potential for a squeeze higher as seller's close positions or are forced to cover.
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huge move
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