As I predicted in my few last posts, looking at BTC from a lot of different perspectives, it fell out of the bearish flag formation.
I believe BTC has got a overall bullish sentiment but its being shorted short-mid term.
My next hypothesis based off of indicators and patterns is that BTC may try and jump up to test the lower trend line of the flag to see it as a new resistance.
I think BTC will get rejected here and will have to retrace support to 9k zones. A successful bounce off the 9k zones is a SHORT position I am willing to take given then the buy opp is with strong indicator, otherwise I might take a step back and see where it wants to go.
Remember with a flag formation we can expect a retracement as far as the pole extends. I cloned the pole and it sits right in the area of 9k. So we may see a small temp bounce off the 9.4k-9.5k area and then a steeper correction to 9k levels for a better short position.
Im out for now. Check back in at noon.
I believe BTC has got a overall bullish sentiment but its being shorted short-mid term.
My next hypothesis based off of indicators and patterns is that BTC may try and jump up to test the lower trend line of the flag to see it as a new resistance.
I think BTC will get rejected here and will have to retrace support to 9k zones. A successful bounce off the 9k zones is a SHORT position I am willing to take given then the buy opp is with strong indicator, otherwise I might take a step back and see where it wants to go.
Remember with a flag formation we can expect a retracement as far as the pole extends. I cloned the pole and it sits right in the area of 9k. So we may see a small temp bounce off the 9.4k-9.5k area and then a steeper correction to 9k levels for a better short position.
Im out for now. Check back in at noon.
