BITCOIN: BTCUSD
Apologies for particularly long winded comment, even by this writer's standards. Hoping to make this comment last the
weekend as it's gone so quiet. You can cut to the chase by ignoring this and heading for the final few lines.
Volatility has dropped so hard Bitcoin has almost become a regular type of stock today. It's gone very quiet and despite
the repeated sell-offs from resistance at 2439 and 2445 today and from 2453 yesterday Bitcoin refuses to back-track much
at all, let alone capitulate.
The battle between bull and bear over this range has been going on for 32 long hours now...it's possible it could go on
longer still, until price hits the parallel. It should hold up.
This is another very long and comparatively boring continuation pattern - and that will remain the case so long as the parallel holds up price (a fast test of 2347 would be OK so
long as it rallies quickly from here if tested). Maybe that's a falling wedge forming as a result of this on-going battle - but
if it is it shouldn't really get as far as the parallel before moving higher. Ideally, it would be good to see one last sell
off which is bought back off the parallel...gotta wait and see it play out or break upwards. Can only say that so far this still
looks fine, will do so as long as parallel holds, and therefore still expect an eventual break to the upside. This battle has
been so long and so exhausting that once won there should be no more bears left to come out of the woods once last stops
have been busted just above 2454. So the break above here (if and when it finally comes) should be virtually uncontested. It
shouldn't stop for too long at 2500-2515 before breaking higher to 2595 where it should encounter profit taking again,
especially if 2500-2515 is not contested properly first time around on the ascent.
So long story short: If we see a break above 2460 it should be worth following for a move up to 2500-2515 initially and then,
looking beyond likelihood of a small consolidation as this range is tested, another rally to 2595 (bigger consolidation
here, probably) and then from 2600 to 2734-2754 range.
Bitcoin remains positive whilst above the parallel and at worst
above 2346 medium term support (by medium term, in Bitcoin context, that means the weekend). Have a good one.
Apologies for particularly long winded comment, even by this writer's standards. Hoping to make this comment last the
weekend as it's gone so quiet. You can cut to the chase by ignoring this and heading for the final few lines.
Volatility has dropped so hard Bitcoin has almost become a regular type of stock today. It's gone very quiet and despite
the repeated sell-offs from resistance at 2439 and 2445 today and from 2453 yesterday Bitcoin refuses to back-track much
at all, let alone capitulate.
The battle between bull and bear over this range has been going on for 32 long hours now...it's possible it could go on
longer still, until price hits the parallel. It should hold up.
This is another very long and comparatively boring continuation pattern - and that will remain the case so long as the parallel holds up price (a fast test of 2347 would be OK so
long as it rallies quickly from here if tested). Maybe that's a falling wedge forming as a result of this on-going battle - but
if it is it shouldn't really get as far as the parallel before moving higher. Ideally, it would be good to see one last sell
off which is bought back off the parallel...gotta wait and see it play out or break upwards. Can only say that so far this still
looks fine, will do so as long as parallel holds, and therefore still expect an eventual break to the upside. This battle has
been so long and so exhausting that once won there should be no more bears left to come out of the woods once last stops
have been busted just above 2454. So the break above here (if and when it finally comes) should be virtually uncontested. It
shouldn't stop for too long at 2500-2515 before breaking higher to 2595 where it should encounter profit taking again,
especially if 2500-2515 is not contested properly first time around on the ascent.
So long story short: If we see a break above 2460 it should be worth following for a move up to 2500-2515 initially and then,
looking beyond likelihood of a small consolidation as this range is tested, another rally to 2595 (bigger consolidation
here, probably) and then from 2600 to 2734-2754 range.
Bitcoin remains positive whilst above the parallel and at worst
above 2346 medium term support (by medium term, in Bitcoin context, that means the weekend). Have a good one.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.