Neutral BTC
There is a dance-off between the bears and bulls and we are sitting at critical support.
A break below the major support will follow a strong momentum towards the downside on lower levels.
On the other hand, potentially upside swing trades could take place here, assuming that resistance levels turn to support ones. With an overall downward market trend though, we might be seeing a bounce and relief of the market from the heavy selling, which will follow further selling (what is called selling the spikes in a bear environment).
If we reach the bottom levels again and bounce off, I will be placing long trades hoping to get a good swing of them (which I think might be unlikely) and monitor support and resistance levels to confirm a trends reversal. Otherwise, selling the spikes is the way to go in this market if the bottom has not been reached yet.
A break below the major support will follow a strong momentum towards the downside on lower levels.
On the other hand, potentially upside swing trades could take place here, assuming that resistance levels turn to support ones. With an overall downward market trend though, we might be seeing a bounce and relief of the market from the heavy selling, which will follow further selling (what is called selling the spikes in a bear environment).
If we reach the bottom levels again and bounce off, I will be placing long trades hoping to get a good swing of them (which I think might be unlikely) and monitor support and resistance levels to confirm a trends reversal. Otherwise, selling the spikes is the way to go in this market if the bottom has not been reached yet.
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