Trading and TA have been difficult lately. With big market players such as BitMEX and Bitmain taking sides, the nonsense with BCash (oh irony), and weak market sentiment, making a case for the bullish scenario has been difficult.
Here are two things I'm looking at for the upcoming weeks. I would have loved to see bitcoin break out above 7k but it's clear we aren't ready without a catalyst. Bakkt is looming but its unclear at present exactly what effect that will have on the market.
It's possible the IH&S is still valid and we are retesting the neckline, but I wouldn't count on that to save the bulls right now.
5k isn't out of the question. I just think its too obvious at this point. Everyone is expecting it.
So, I will be buying 6100 area this week.
Good luck, traders..
Here are two things I'm looking at for the upcoming weeks. I would have loved to see bitcoin break out above 7k but it's clear we aren't ready without a catalyst. Bakkt is looming but its unclear at present exactly what effect that will have on the market.
It's possible the IH&S is still valid and we are retesting the neckline, but I wouldn't count on that to save the bulls right now.
5k isn't out of the question. I just think its too obvious at this point. Everyone is expecting it.
So, I will be buying 6100 area this week.
Good luck, traders..
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Take caution!! This dropped harder and faster than I had anticipated. I have not closed my short yet, I will be watching this action closely...
