BTC / USD TA
We are looking at several tracks here for possible next move for Bitcoin, bearish and bullish.
BULLISH SCENARIO
We are looking at increasing volume, similar to what we've seen back in 2017 and if we see Bitcoin break and maintain $10,000 we will be going towards next ATH this year most likely as institutional investors begin to notice crypto and enter into it as traditional stock markets become more and more risky and short lived.
BEARISH SCENARIO
We make a rejection off $10,000 and see a quick bull trap followed up by a flash dump towards $5,000 ranges if not lower as LONG positions reach over 75% while shorts are only at 25% at this time.This would make sense in terms of logic as more people believe that it will break towards the upside compared to those who believe it will drop back towards new lows. Nevertheless you have to be careful here because it's obvious that Bitcoin is at resistance right now and has been rejected hard off it several times now and whales might take this opportunity to take Bitcoin over $10,000, bear trap new shorts and take it to new ATH this year. Using stop losses with your SHORT position is a must in this set up. Keep in mind that if rejection does validate, Bitcoin sideways movement would be extended until at least 2021
We are looking at several tracks here for possible next move for Bitcoin, bearish and bullish.
BULLISH SCENARIO
We are looking at increasing volume, similar to what we've seen back in 2017 and if we see Bitcoin break and maintain $10,000 we will be going towards next ATH this year most likely as institutional investors begin to notice crypto and enter into it as traditional stock markets become more and more risky and short lived.
BEARISH SCENARIO
We make a rejection off $10,000 and see a quick bull trap followed up by a flash dump towards $5,000 ranges if not lower as LONG positions reach over 75% while shorts are only at 25% at this time.This would make sense in terms of logic as more people believe that it will break towards the upside compared to those who believe it will drop back towards new lows. Nevertheless you have to be careful here because it's obvious that Bitcoin is at resistance right now and has been rejected hard off it several times now and whales might take this opportunity to take Bitcoin over $10,000, bear trap new shorts and take it to new ATH this year. Using stop losses with your SHORT position is a must in this set up. Keep in mind that if rejection does validate, Bitcoin sideways movement would be extended until at least 2021
