Short Terms Bullish Target on BTC
Short Term - We are currently coming off a minor demand zone and if we can clear yesterday's high a reasonable short term target is the upper channel drawn. I believe there is a strong 25 day cycle and 60 day cycle operating here - the good news is we have just hit a confluence on the troughs of both of these cycles and I believe the cycle is now back to the upside. The bad news is obviously we are in a bear market and sell signals work better than buy signals.
Overall the down sloping vector has been a big problem for BTC - everyone's talking about this big descending triangle. It cant seem to break out of it and has been met with stern resistance every time it has tried. I also agree with everyone that if BTC cant break out of this triangle we are going much lower. A little troubling for me at the moment is that the IG Markets retail sentiment is bullish at 79% (this worries me because retail investors are usually on the wrong side of the trade). One ray of hope is that the support is currently holding at this 6kish - and often when descending triangles break to the upside it catches everyone by surprise and triggers all the bears stop losses - so it could be a fairly big move. I'm hoping the big boys / whales step up ! I have a fairly decent chunk of change invested at the moment. Let's see how this unfolds!
Overall the down sloping vector has been a big problem for BTC - everyone's talking about this big descending triangle. It cant seem to break out of it and has been met with stern resistance every time it has tried. I also agree with everyone that if BTC cant break out of this triangle we are going much lower. A little troubling for me at the moment is that the IG Markets retail sentiment is bullish at 79% (this worries me because retail investors are usually on the wrong side of the trade). One ray of hope is that the support is currently holding at this 6kish - and often when descending triangles break to the upside it catches everyone by surprise and triggers all the bears stop losses - so it could be a fairly big move. I'm hoping the big boys / whales step up ! I have a fairly decent chunk of change invested at the moment. Let's see how this unfolds!
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.