BTCUSD - uptrend resumed, how stable it is ?
Hello guys,
The lower timeframe bearish scenarios were invalidated by the daily/weekly setup. The potential head and shoulders and inverted cup and handle did not result in a continuation of the downside reversal. Instead, bitcoin added more than 11% percent to its value for the last two days and is taking the alts with him.
DOT for instance broke into the Top 5, replacing LTC.
I was out of the market because I felt it is too turbulent to be a bull, yet risky to short it.
Yesterday evening (European time) when BTC was still below $35,000 I was there on Twitter and TradingView scrolling through some ideas, so what I found curious is the extremely bearish sentiment. Everybody was sharing the H&S, posting negative scenarios etc. So, that made me think - what if ? What if bitcoin once again does what it does best - prove people wrong. So, I put a few limit orders in the zone around $35,400 to re-enter the market in case the coin goes above the horizontal S/R and takes out some of the problematic peaks on the hourly timeframes. I did the same for 6-7 of the major alts (ETH, LTC, LINK, SUSHI, ADA, and BCH). It turned out to be a good decision.
I'm sharing this, because sometimes, if not always, it's worth doing what is against the public opinion to catch the big moves.
For now, it looks like BTC is out of the woods, moving above all major EMAs on 1 and 4 hour. It also confirmed its presence above the $37,000 support, which is good. I will be looking at $39,000 and $39,700 as the next two levels of interest. These are also where I would expect more time to be spent by the price before moving further.
Regards
The lower timeframe bearish scenarios were invalidated by the daily/weekly setup. The potential head and shoulders and inverted cup and handle did not result in a continuation of the downside reversal. Instead, bitcoin added more than 11% percent to its value for the last two days and is taking the alts with him.
DOT for instance broke into the Top 5, replacing LTC.
I was out of the market because I felt it is too turbulent to be a bull, yet risky to short it.
Yesterday evening (European time) when BTC was still below $35,000 I was there on Twitter and TradingView scrolling through some ideas, so what I found curious is the extremely bearish sentiment. Everybody was sharing the H&S, posting negative scenarios etc. So, that made me think - what if ? What if bitcoin once again does what it does best - prove people wrong. So, I put a few limit orders in the zone around $35,400 to re-enter the market in case the coin goes above the horizontal S/R and takes out some of the problematic peaks on the hourly timeframes. I did the same for 6-7 of the major alts (ETH, LTC, LINK, SUSHI, ADA, and BCH). It turned out to be a good decision.
I'm sharing this, because sometimes, if not always, it's worth doing what is against the public opinion to catch the big moves.
For now, it looks like BTC is out of the woods, moving above all major EMAs on 1 and 4 hour. It also confirmed its presence above the $37,000 support, which is good. I will be looking at $39,000 and $39,700 as the next two levels of interest. These are also where I would expect more time to be spent by the price before moving further.
Regards