I am trading intraday with a bullish bias. However the week candle has now printed an incredibly huge rejection wick.
This means BTC is not yet in a place where a long term bull trade is justifiable. That rejection wick is going to take a lot of buying pressure to get past which means tests to the bottom of the range are still very likely.
Probably not a good idea to hold longs to the 4200 resistance region, at least not until something changes in a big way such as the weekly coppock curve popping above 50.
The long term bear target of $1k to $2k is still possible if this recent triangle congestion does not hold.
I am looking to buy at the bottom of ranges that form in the POC region at around 3600. If those trades do not work I will start to trade with a bear bias again.
This means BTC is not yet in a place where a long term bull trade is justifiable. That rejection wick is going to take a lot of buying pressure to get past which means tests to the bottom of the range are still very likely.
Probably not a good idea to hold longs to the 4200 resistance region, at least not until something changes in a big way such as the weekly coppock curve popping above 50.
The long term bear target of $1k to $2k is still possible if this recent triangle congestion does not hold.
I am looking to buy at the bottom of ranges that form in the POC region at around 3600. If those trades do not work I will start to trade with a bear bias again.
