As Predicted We Broke Down From The Wedge Outlined In Blue, The Case That The Recent Bottom Is In Is Still Intact Especially After Todays Short Squeeze.
The Bulls Came Back In Today With Some Volume, Our Bullish Case Is That We Will Be Retesting The Resistance Area Between 7800-8k That Bitcoin Couldnt Bust Through At The Weekend, But I Expect A Higher Low To Be Formed First And Maybe Some Sideways Action.
The Black Arrows Demonstrate What Pattern is Likely If The Bulls Cannot Break Resistance If We Have To Go Back To The 7K Area Again Before A Nice Rally up The Odds Of The Recent Low Being The Low Becomes Less Likley And We Could See A Lower Low.
My % Bias Is: Break Straight To The Upside From Here 10%
Form A Higher Low Then Retest The Resistance Area 60%
Go Back To 7k 30%
Keeping Position Sizes Small At This Point
Follow For My Updates
This Is Not Financial Advice & Is Just My Opinion of My Interpretation Of Reading Charts
The Bulls Came Back In Today With Some Volume, Our Bullish Case Is That We Will Be Retesting The Resistance Area Between 7800-8k That Bitcoin Couldnt Bust Through At The Weekend, But I Expect A Higher Low To Be Formed First And Maybe Some Sideways Action.
The Black Arrows Demonstrate What Pattern is Likely If The Bulls Cannot Break Resistance If We Have To Go Back To The 7K Area Again Before A Nice Rally up The Odds Of The Recent Low Being The Low Becomes Less Likley And We Could See A Lower Low.
My % Bias Is: Break Straight To The Upside From Here 10%
Form A Higher Low Then Retest The Resistance Area 60%
Go Back To 7k 30%
Keeping Position Sizes Small At This Point
Follow For My Updates
This Is Not Financial Advice & Is Just My Opinion of My Interpretation Of Reading Charts