Hello, everyone!
More and more often these days there are headlines like - "Finally,
BTCUSDT
has bottomed out and is ready to go up".
I would not rush to change the mood to Bullish, as there are several factors that make us wait a little longer.
1) we are in a Bear market in the bigger picture, and technically we are only building a Bear Flag.
2) it is worth noting that we have a clear resistance, let's call it 23,000. (Also, I would look at the 50 EMA level as a significant resistance).
Summary:
- We are still in a Bear market, nothing new has happened yet.
- In order to look for longs, I would wait for the price to consolidate above 23,000-23,500.
- Below 21388, I would look for shorts.
More and more often these days there are headlines like - "Finally,
BTCUSDT
has bottomed out and is ready to go up". I would not rush to change the mood to Bullish, as there are several factors that make us wait a little longer.
1) we are in a Bear market in the bigger picture, and technically we are only building a Bear Flag.
2) it is worth noting that we have a clear resistance, let's call it 23,000. (Also, I would look at the 50 EMA level as a significant resistance).
Summary:
- We are still in a Bear market, nothing new has happened yet.
- In order to look for longs, I would wait for the price to consolidate above 23,000-23,500.
- Below 21388, I would look for shorts.
Now I'm waiting for something significant to form and then will post a new update!