Below 9640 BTC is still bearish, above 10500 is bullish, between is chop.
Those are the levels from an offline statistics script I've been using for longer term trend direction on BTC.
I am fully expecting BTC to make some moves upward pretty soon and a lot of people are expecting that this pullback to 8k will be short lived. I would not be looking at it as a bull market until 10.5k and even then it will probably want to retest the chop zone at least once.
Much more likely is it's going to range around bearishly for a while and you don't want to waste your powder buying fakeout blowoff tops. Far better is to go with the flow and trade the chart which right now is bearish. I am bullish long term BTC but for the time being I'm only looking for shorts.
Those are the levels from an offline statistics script I've been using for longer term trend direction on BTC.
I am fully expecting BTC to make some moves upward pretty soon and a lot of people are expecting that this pullback to 8k will be short lived. I would not be looking at it as a bull market until 10.5k and even then it will probably want to retest the chop zone at least once.
Much more likely is it's going to range around bearishly for a while and you don't want to waste your powder buying fakeout blowoff tops. Far better is to go with the flow and trade the chart which right now is bearish. I am bullish long term BTC but for the time being I'm only looking for shorts.
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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.