BITCOIN - Stop hunt in both directions after triangle
Will the bear flag, spotted on the longer time frames, roll out near 15k? (rough 15k target derived by measuring the first move down)
Will global changes, and specific government monetary policies changing to include BTC, have a lasting positive impact on price?
Aside from the wave count question on the chart, the price is fading at resistance, how strong is that resistance?
Stochs says overbought, so sideways for the short term is most likely as not many people win in that scenario.
If I were to trade this I would set a 5% trailing stop from the recent high (41k is the recent high in this case) and think of it as a gamble, as every crypto trade is essentially a casino game.
Will global changes, and specific government monetary policies changing to include BTC, have a lasting positive impact on price?
Aside from the wave count question on the chart, the price is fading at resistance, how strong is that resistance?
Stochs says overbought, so sideways for the short term is most likely as not many people win in that scenario.
If I were to trade this I would set a 5% trailing stop from the recent high (41k is the recent high in this case) and think of it as a gamble, as every crypto trade is essentially a casino game.
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This short term target being hit does not necessarily validate the long term bear thesis but, It does complete the identified structure, however this could be a coincidence, too. One thing it does mean is we are free at this point to break up or down, and out of the current identified range. Watch the yellow lines for a break and retest before entering, either direction.
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