BitcoinUpdated Bullish v.s. Bearish on BTC. Going sideways?
Not much going on after getting a big ass beating. Lesson learned; euphoric = selling. Better to miss the fomo train, than losing your profits. Two scenario's based on trendlines, support/resistance & fractals.
Bullish (short term) scenario [1]
Best possible scenario is that BTC going down and hit the support trendline once again before testing the resistance trendline. Will be going sideways for a while I'm assuming, now every bull is silenced since the last short. Reasons:
Bearish (short term) scenario[2]
BTC going down to support between 5800 - 6000. Continuing the bearish trend and we'll have to see from there.
My bets are on the first scenario. What do you think?
Bullish (short term) scenario [1]
Best possible scenario is that BTC going down and hit the support trendline once again before testing the resistance trendline. Will be going sideways for a while I'm assuming, now every bull is silenced since the last short. Reasons:
- Divergence on 4h timeframe
- Fractal indicating a possible trend reversal (short term!)
- We've met support at 6100, forming a support trend line
Bearish (short term) scenario[2]
BTC going down to support between 5800 - 6000. Continuing the bearish trend and we'll have to see from there.
- Still in the bear trend since start of 2018
- No real bounce met from support, volume is missing also
My bets are on the first scenario. What do you think?
Note
That went quicker than I was expecting. WOosh!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.