Yes Man, Trading is That Subjective... BITCOIN (BTCUSD)

Jul 19, 2021

Hey traders,

Depending on your bias and your personal views & beliefs, analyzing bitcoin you main get absolutely opposite conclusions.

Being bearish biased and not believing in the recovery of a crypto market, analyzing a price action on a daily chart, you may notice a falling parallel channel.

With a sequence of lower highs and lower lows, the price keeps trading in a bearish trend and we may expect a continuation to new structure lows.

Being a bullish biased trader and actively purchasing the coins after the fall, you may perceive the current price action as a consolidation & bullish accumulation.

The price is trading within a horizontal trading range and we are waiting for its resistance breakout as a trigger that the market returns back to a global bullish trend.

Who is right? We don't know. Both parties have nice arguments.
Subjectivity is a huge part of this game.

I will be a middle man guy and would treat a current price action as a consolidation and indecision. But I do admit that bullish/bearish breakouts & continuation are equally possible.

Let me know what do you think?

❤️Please, support this idea with a like and comment!❤️

Jul 20, 2021

Note

Check my new analysis on GBPCHF: