We are pretty damn close to having this Ascending Wedge fall completely apart...Formation actually looks good for a short if it does. I am current long, but taking some time to decide if I want to close or at the very least raise my stop. Next day is critical to keeping BTC from collapsing into the low 50s which would naturally add more shorts along the way...Repeated failures to retake and hold above 59K have given this game to the bears.
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Pretty much been a seller's market but if the bears fail to push price down significantly from here (I think they will), the failed break will be bought aggressively, and a short squeeze is likely to see price rip higher.
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Bullish scenario if these MA are retaken by daily close in about 4 hours if price stabilizes.Note
If this wick is retested, I would say start a long position in the vicinity, but tight stop...don't be a hero, I added in the vicinity, small amount.Note
buying or selling a wick is arguably your best entry...If price retakes 56K, I would be closing shorts if you still have them open. At this point, though for the bulls, loss of this reversal takes BTC into the low 50s, perhaps even into the 40s once more.
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Not 100% that that was "the bottom" but short term yes, medium term not necessarily. Need past 56K.Note
Foreshadowing?We should know soon enough. I have a feeling that #ETHseason might have finished for now, and no #altseason as of yet, but time will tell. This also does not mean that dominance continues to fall. Next 24 hours will be critical.
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I would say unless Bitcoin doesn't turn this into a short-squeeze and we're back in price discovery within the week, there is a solid chance that we are in full on greed #altseason, which essentially means bull market will be over soon.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.