Adv. on bearish side
Morning folks,
It seems that market is tired a bit from previous ETF rally. Major drivers are worked out already, and market needs something new. Supposedly coming April halving and possible ETH ETF approvement in May are most probable ones.
Right now price stands in tight consolidation, which is might be treated as a bullish sign. At the same time, this consolidation is forming at strong Monthly resistance area of 48.5-52.5K, so some downside reaction seems very probable. This could make any rally here very short term and unstable. And this keeps us aside from taking any long positions by far.
On intraday charts it is few things that we could consider - bets on breakout of the range might be done by using Stop entry orders near the borders. If you still would like to buy, we have some shape of reverse H&S pattern on 1H chart, that theoretically you could try to use. But, this is very weak setup.
It seems that market is tired a bit from previous ETF rally. Major drivers are worked out already, and market needs something new. Supposedly coming April halving and possible ETH ETF approvement in May are most probable ones.
Right now price stands in tight consolidation, which is might be treated as a bullish sign. At the same time, this consolidation is forming at strong Monthly resistance area of 48.5-52.5K, so some downside reaction seems very probable. This could make any rally here very short term and unstable. And this keeps us aside from taking any long positions by far.
On intraday charts it is few things that we could consider - bets on breakout of the range might be done by using Stop entry orders near the borders. If you still would like to buy, we have some shape of reverse H&S pattern on 1H chart, that theoretically you could try to use. But, this is very weak setup.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
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