I was hoping bulls reclaim the broadening descending wedge on todays daily/weekly close but we're still stuck below the daily OB at 49600 and being met with quite a bit of sell pressure every time bulls have attempted to push through so we'll probably be bouncing around down here for a bit longer and may even swing below 48k again and maybe we'll get some low time frame bullish divergence.
Like I said in my previous post if we start to show signs of weakness, RSI looses uptrend line on the bi weekly etc. I'm out and I'll wait to see what happens and re-enter once things look bullish again.
If we do spend a bit of time down here and then move up and reject from 61000 area that's gonna be one hell of a scary looking H&S on the macro and would be the lower high GTFO, go on a holiday see you next bull market setup.
Ideally I'd like to see a strong bullish rally once we can reclaim the BDW and trend incline line(red).
Obviously people are cautious right now, as am I but that didn't feel like a top, an over extended b-wave, double top? Maybe but that would be new for BTC. We are seeing a macro risk off across all market so there's reason to be cautious there also.
Caution aside I'm still long and I don't think we're going into crypto winter just yet, in fact I'm not 100% sure we'll see a winter like we did after the 2017/18 top but who knows.
We're still printing higher highs and higher lows plus we have hidden bullish divergence on the daily, below the 20 week MA and I would like us to reclaim that asap.
Have a great day, manage your risk, lets hope for a bullish week!
Like I said in my previous post if we start to show signs of weakness, RSI looses uptrend line on the bi weekly etc. I'm out and I'll wait to see what happens and re-enter once things look bullish again.
If we do spend a bit of time down here and then move up and reject from 61000 area that's gonna be one hell of a scary looking H&S on the macro and would be the lower high GTFO, go on a holiday see you next bull market setup.
Ideally I'd like to see a strong bullish rally once we can reclaim the BDW and trend incline line(red).
Obviously people are cautious right now, as am I but that didn't feel like a top, an over extended b-wave, double top? Maybe but that would be new for BTC. We are seeing a macro risk off across all market so there's reason to be cautious there also.
Caution aside I'm still long and I don't think we're going into crypto winter just yet, in fact I'm not 100% sure we'll see a winter like we did after the 2017/18 top but who knows.
We're still printing higher highs and higher lows plus we have hidden bullish divergence on the daily, below the 20 week MA and I would like us to reclaim that asap.
Have a great day, manage your risk, lets hope for a bullish week!
