Hello everyone, rouzwelt here
It's been a few days since my last post, but not much has happened in these few days, just sideways, no clear direction, no domination from either sides. My last short trade is still active at 34850, price couldn't reach the last swing high and therefore my SL is still at its place. Let me say that I still lean more towards the down side as price have not been able to print any higher high in these few days, but we can see a lower low (not with much difference, but still technically a lower low) and we see a bit more volume at impulse moves down compared to impulse moves up which indicates slightly more dominance from bears at this moment but not a definitive one.
You can see 2 red horizontal lines in the chart which I believe are the definitive lines for bitcoin to take out if it wants to get out of this current sideways channel. 35K would be the level for local uprise and 29K would be the level for downfall. I have projected the possible price actions for those scenarios if we see a breakout happening in next couple of days or so. But I should note that bitcoin might still stay in this channel and continue its sideways move for quite some time until one side can dominate the other and if the current condition we're in manages to continue it would favor the bears as the price is closer to the lower side of the 30/40k range and is getting closer to the end (crossing point) of the blue down trend line and 29/30k resistance area (forming a down-sloping triangle and potential bear-flag).
It's worth mentioning that right now we clearly see no enough sellers, but we don't see enough buyers neither and actually as price fails to print any local higher high it keeps more potential buyers away from entering which is clearly visible through the bars volumes, this makes it more favorable for bears to push further. Many talk about 30k being the bottom and that the price can't go any lower than that, or that the 30k support is so strong that it can't break, well it is a strong psychological support but that doesn't mean it can't break, it definitely can, as long as there are not enough buyers and interests at current price levels it can always break to find more interests again and build its base for the next leg up.
I'd like to talk briefly about Alts here, I believe if Bitcoin continues its current sideways move for couple of weeks, we can expect some bullish moves from alts, but if BTC start another sell-off then alts will follow obviously. So right now I'm starting to look for some potential short-term buy setups on some large-cap alts and I'll be sharing them here if I find any good one and It kinda would be a good hedge for me as well if I find any buying opportunity on them as my short position on BTC is still open.
That's all for now, if you find this post useful then consider supporting me by hitting like and write a comment if have any opinion about my analysis, I'd be happy to read your thoughts about it. Thank you and as always have fun and trade safe.
It's been a few days since my last post, but not much has happened in these few days, just sideways, no clear direction, no domination from either sides. My last short trade is still active at 34850, price couldn't reach the last swing high and therefore my SL is still at its place. Let me say that I still lean more towards the down side as price have not been able to print any higher high in these few days, but we can see a lower low (not with much difference, but still technically a lower low) and we see a bit more volume at impulse moves down compared to impulse moves up which indicates slightly more dominance from bears at this moment but not a definitive one.
You can see 2 red horizontal lines in the chart which I believe are the definitive lines for bitcoin to take out if it wants to get out of this current sideways channel. 35K would be the level for local uprise and 29K would be the level for downfall. I have projected the possible price actions for those scenarios if we see a breakout happening in next couple of days or so. But I should note that bitcoin might still stay in this channel and continue its sideways move for quite some time until one side can dominate the other and if the current condition we're in manages to continue it would favor the bears as the price is closer to the lower side of the 30/40k range and is getting closer to the end (crossing point) of the blue down trend line and 29/30k resistance area (forming a down-sloping triangle and potential bear-flag).
It's worth mentioning that right now we clearly see no enough sellers, but we don't see enough buyers neither and actually as price fails to print any local higher high it keeps more potential buyers away from entering which is clearly visible through the bars volumes, this makes it more favorable for bears to push further. Many talk about 30k being the bottom and that the price can't go any lower than that, or that the 30k support is so strong that it can't break, well it is a strong psychological support but that doesn't mean it can't break, it definitely can, as long as there are not enough buyers and interests at current price levels it can always break to find more interests again and build its base for the next leg up.
I'd like to talk briefly about Alts here, I believe if Bitcoin continues its current sideways move for couple of weeks, we can expect some bullish moves from alts, but if BTC start another sell-off then alts will follow obviously. So right now I'm starting to look for some potential short-term buy setups on some large-cap alts and I'll be sharing them here if I find any good one and It kinda would be a good hedge for me as well if I find any buying opportunity on them as my short position on BTC is still open.
That's all for now, if you find this post useful then consider supporting me by hitting like and write a comment if have any opinion about my analysis, I'd be happy to read your thoughts about it. Thank you and as always have fun and trade safe.
