Bitcoin Bermuda Triangle of Hurry Up and Wait
Happy Sunday Traders,
Today with the week ending I was hoping that we would have a more definitive direction on which way bitcoin would be going but, as of right now we are sitting in the Bermuda Tringle of Hurry up and wait. Being that we are sitting on top of the strongest support zones that Bitcoin has ever made in a bull market we are in good shape. Yet, it is important to note that we are still sitting under important resistance areas as well and potentially retesting the neckline of a bearish pattern to boot.
When BTC Recently broke down from $44,816 BTC fell through the trend support that we created from the previous all time high of $65,400 to $52,400 forming the two resistance points and the support cluster pointed out between $47,400 and $45,500 Bitcoin fell into the area we are sitting in now. Which is an undecided area that needs to be broken to have a more telling future price action. If we are in fact going to react to the Bearish Head & Shoulder pattern displayed on the chart I would expect some bearish news to be the catalyst in doing so. If this does play out, I would be looking to see price head to the 30k area and I would be looking for a buying opportunity there. For all the "Gap Boys" there is also a large gap between roughly $33,000 and $34,500 on
BTC1! which sometimes get filled.
I placed two key points on this chart that we want to see Bitcoin get above in the near future to start getting out of the danger zone, the first being $45,536 and the second being $52,142. This would help to start invalidating the bearish set up, getting the price action out of the indecisive triangle zone we are sitting in now and get above the next resistance areas and hopefully create them as support.
I hope this helps you in your research, have a green week and I will see you in the next publication.
Savvy
Today with the week ending I was hoping that we would have a more definitive direction on which way bitcoin would be going but, as of right now we are sitting in the Bermuda Tringle of Hurry up and wait. Being that we are sitting on top of the strongest support zones that Bitcoin has ever made in a bull market we are in good shape. Yet, it is important to note that we are still sitting under important resistance areas as well and potentially retesting the neckline of a bearish pattern to boot.
When BTC Recently broke down from $44,816 BTC fell through the trend support that we created from the previous all time high of $65,400 to $52,400 forming the two resistance points and the support cluster pointed out between $47,400 and $45,500 Bitcoin fell into the area we are sitting in now. Which is an undecided area that needs to be broken to have a more telling future price action. If we are in fact going to react to the Bearish Head & Shoulder pattern displayed on the chart I would expect some bearish news to be the catalyst in doing so. If this does play out, I would be looking to see price head to the 30k area and I would be looking for a buying opportunity there. For all the "Gap Boys" there is also a large gap between roughly $33,000 and $34,500 on
BTC1! which sometimes get filled.I placed two key points on this chart that we want to see Bitcoin get above in the near future to start getting out of the danger zone, the first being $45,536 and the second being $52,142. This would help to start invalidating the bearish set up, getting the price action out of the indecisive triangle zone we are sitting in now and get above the next resistance areas and hopefully create them as support.
I hope this helps you in your research, have a green week and I will see you in the next publication.
Savvy
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