Bitcoin, what are you going to do now?
So we got the pullback that I was writing about in my last Weekly Review. But now, what’s the next move? Are we going lower? Are we going to 50k? Bitcoin may definitely continue to move towards the $50-60k level as I’ve approached in HTF Tuesdays in the upcoming months, but doesn’t it make sense to go first below 40k?
Well for me it doesn’t. Briefly, this is the time we either stay here (or slightly lower) for a while, or we just reject and continue the uptrend from 38k. I would want to wait until the start of next week to define correctly the direction in any case.
We could see more sideways movement as long as we stay above 41k. However, the reaction I wanted to focus more on is the bullish one: we will set a higher high (marked in the chart as CHoCH – Change of Character) and reject from the 1 hour fair value gap, which would start the continuation of the uptrend.
Finally, in order to have everything covered, if we do trade below 40k, I’d try to stay safe from any overleveraged position. Anyway, have a good trading week!
Well for me it doesn’t. Briefly, this is the time we either stay here (or slightly lower) for a while, or we just reject and continue the uptrend from 38k. I would want to wait until the start of next week to define correctly the direction in any case.
We could see more sideways movement as long as we stay above 41k. However, the reaction I wanted to focus more on is the bullish one: we will set a higher high (marked in the chart as CHoCH – Change of Character) and reject from the 1 hour fair value gap, which would start the continuation of the uptrend.
Finally, in order to have everything covered, if we do trade below 40k, I’d try to stay safe from any overleveraged position. Anyway, have a good trading week!
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