Watching For Support To Become Resistance, Bulls Are Delusional
I would have preferred for BTC to turn bullish because it's hard for Americans to short cryptos.
However the chart shows that the bull scenario is extremely unlikely since it's come back to the same support level at 6300 ish 5 times now which means it's soon going to break to the down side and when it does the 6300 level will become RESISTANCE not support.
All the bulls that bought in the triangle from 6300 to 19k will be trapped.
The only realistic trade is to wait for it to break lower then short tests to the old support level.
I am starting to unfollow people who look at this chart and say it's time to buy. The bull scenario probably has a 10% or less chance of working.
It's unfortunate that cryptos are dumping out but that's the reality of the situation. I really look forward to when the bull viewpoint has some validity but jumping in long too soon will be a painful experience.
It's much better to wait it out and buy much lower than to slice up an account catching a falling knife.
However the chart shows that the bull scenario is extremely unlikely since it's come back to the same support level at 6300 ish 5 times now which means it's soon going to break to the down side and when it does the 6300 level will become RESISTANCE not support.
All the bulls that bought in the triangle from 6300 to 19k will be trapped.
The only realistic trade is to wait for it to break lower then short tests to the old support level.
I am starting to unfollow people who look at this chart and say it's time to buy. The bull scenario probably has a 10% or less chance of working.
It's unfortunate that cryptos are dumping out but that's the reality of the situation. I really look forward to when the bull viewpoint has some validity but jumping in long too soon will be a painful experience.
It's much better to wait it out and buy much lower than to slice up an account catching a falling knife.
