There is a lot of talk going on surrounding all the markets and eveb BTC, of course.
I saw a tweet come across my feed that had a user claiming an incoming crash of BTC and I couldn't help myself in laughing a bit for seeing through and identifying that he really had no idea wtf is going on.
We are currently set to close the week above the consolidation box that BTC has produced and punched over. We are holding above the top of the box at about $104,450 for the third consecutive week. If we really were to crash or retest levels below, we'd first have to have a weekly candle close under $104,450 and then we could see cost basis, or the median, of the consolidation box retested at about $$99,000.
Long story short, because we are holding above the top of the box, I think we'll be more likely to continue consolidating on a lower time frame and trying to continue breaking new highs.
Most people have no idea what's going on and are just guessing. I am no different in that respect. I do use the potterbox strategy to help me sift through the noise and ultimately make sense of what price is doing relative to the structures it has created before. Per the PBS, we're okay and on a lower 24HR timeframe, we've actually done a great job in bouncing. For now, I don't see a meltdown coming. We simply retested a level and created empty space above us on a 24HR timeframe to, hopefully go back up. I'm hoping we see $120K this year and, maybe, with enough momentum we could really see a rally big enough to break this channel we are in.
I saw a tweet come across my feed that had a user claiming an incoming crash of BTC and I couldn't help myself in laughing a bit for seeing through and identifying that he really had no idea wtf is going on.
We are currently set to close the week above the consolidation box that BTC has produced and punched over. We are holding above the top of the box at about $104,450 for the third consecutive week. If we really were to crash or retest levels below, we'd first have to have a weekly candle close under $104,450 and then we could see cost basis, or the median, of the consolidation box retested at about $$99,000.
Long story short, because we are holding above the top of the box, I think we'll be more likely to continue consolidating on a lower time frame and trying to continue breaking new highs.
Most people have no idea what's going on and are just guessing. I am no different in that respect. I do use the potterbox strategy to help me sift through the noise and ultimately make sense of what price is doing relative to the structures it has created before. Per the PBS, we're okay and on a lower 24HR timeframe, we've actually done a great job in bouncing. For now, I don't see a meltdown coming. We simply retested a level and created empty space above us on a 24HR timeframe to, hopefully go back up. I'm hoping we see $120K this year and, maybe, with enough momentum we could really see a rally big enough to break this channel we are in.
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Disclaimer
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.