It's too early to be Bullish on Bitcoin
As I put aside all news and prior catalyst and focus purely on the Price Action of Bitcoin, my analysis shows that BTC has not yet confirmed a Bullish sentiment.
BTC still has not broken out of the channel it has followed from 48k to it's recent low up 17.7k, with that being said I need to see a break of structure to the upside to feel confident taking any potential longs on the HTF.
Please refer to the chart below for a better understanding of the Market Structure that has taken place during Bitcoins downtrend.
https://www.tradingview.com/x/1LO1x6tf/
As you can see, BTC has continued to follow this channel and follow the cycle of Accumulation and Expansion/Distribution
The power of three(Accumulation,Manipulation,Distribution) can also be used to map out these large areas of accumulation for lower timeframe trades. If you're interested in learning such I've published an Idea on ADA with the same principles I used to Catch a BTC long from 19.3k-21k
I am very aware and up to date of our current market sentiment, I understand we have seen some bullish news and signs of a relief bounce on the S&P 500. Along with the fact that we have had a lot of volume for a crypto weekend, and we could very well have a positive week, I am just demonstrating the fact that BTC still hasn't confirmed a reversal to protect fellow traders.
BTC still has not broken out of the channel it has followed from 48k to it's recent low up 17.7k, with that being said I need to see a break of structure to the upside to feel confident taking any potential longs on the HTF.
Please refer to the chart below for a better understanding of the Market Structure that has taken place during Bitcoins downtrend.
https://www.tradingview.com/x/1LO1x6tf/
As you can see, BTC has continued to follow this channel and follow the cycle of Accumulation and Expansion/Distribution
The power of three(Accumulation,Manipulation,Distribution) can also be used to map out these large areas of accumulation for lower timeframe trades. If you're interested in learning such I've published an Idea on ADA with the same principles I used to Catch a BTC long from 19.3k-21k
I am very aware and up to date of our current market sentiment, I understand we have seen some bullish news and signs of a relief bounce on the S&P 500. Along with the fact that we have had a lot of volume for a crypto weekend, and we could very well have a positive week, I am just demonstrating the fact that BTC still hasn't confirmed a reversal to protect fellow traders.
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