Despite losing the upwards trend line, the longer term overall trend for Bitcoin on the Daily is still in a technical uptrend.
I do think there may be some overly bearish sentiment in the market now as we are moving into large support structure on both the ES and BTC. The DXY has been on an absolute tear recently, but on the rare occasion bitcoin, has been holding a relatively stable floor at approx. 26k, albeit failing to make its upwards move past sloping resistance.
Some note this is a head and shoulder pattern, although Im not sure about the probabilities of that as the last push up towards $32k was higher than the previous high (not a true H&S Pattern). We can be headed for a big break down to 21k, which may happen if we lose the purple zone of support.
2 things I am also considering:
1) DXY has been ripping, large breakout, but it will eventually run into resistance. If BTC can hold well, we might see these pops with a drop on the dollar.
2) If drafted a Fib retrenchment from the high to the low of the most recent range between approx $28,100 - $24,900, and we have pulled back into the 618 and found support.
also lets add one more
3) Major markets and BTC are moving into heavy support zones on longer time frames. I would assume there will be some kind of reaction. If we slice right through then I will look to $21k.
I do think there may be some overly bearish sentiment in the market now as we are moving into large support structure on both the ES and BTC. The DXY has been on an absolute tear recently, but on the rare occasion bitcoin, has been holding a relatively stable floor at approx. 26k, albeit failing to make its upwards move past sloping resistance.
Some note this is a head and shoulder pattern, although Im not sure about the probabilities of that as the last push up towards $32k was higher than the previous high (not a true H&S Pattern). We can be headed for a big break down to 21k, which may happen if we lose the purple zone of support.
2 things I am also considering:
1) DXY has been ripping, large breakout, but it will eventually run into resistance. If BTC can hold well, we might see these pops with a drop on the dollar.
2) If drafted a Fib retrenchment from the high to the low of the most recent range between approx $28,100 - $24,900, and we have pulled back into the 618 and found support.
also lets add one more
3) Major markets and BTC are moving into heavy support zones on longer time frames. I would assume there will be some kind of reaction. If we slice right through then I will look to $21k.
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Looking for the move between fib levels before the pump towards the upper trendline.
Looking for the move between fib levels before the pump towards the upper trendline.
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lets get it up past 29k
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sometimes you just long and chill. Im curious how the miners will open next stock market open.
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Price has been rolling over, first support at $36,200 , I think we may potentially even see a roll over to $34k zone as support before blasting upwards to our higher time frame target of $40k all the way up to $50k.
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and just like that , wick right at the level. We may see some more downside however, if you took a long this would be a take profit indefinitely.
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I would not be surprised if we see a liquidity drop and then rally. I would be looking to add to a long position on a big drop, no shorts.
Looking at this on a short time frame.