Current Bitcoin Situation
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Bitcoin has a massive bearish structure within this three month consolidation range. This structures targets are 60k and 57k, however if 60k were to be broken we'd be confident in far lower prices than 57k.
Having said that, there is hope. Bitcoin can reverse at the 50% retracement level - $64,300 - to complete a bullish 5-0 pattern. In this scenario it would also hold the last support before 60k and pivot to all time highs.
To play the bullish 5-0 you will need to monitor price action carefully and wait for some signal candles around this support. We are longing this and have already started building a position in the zone.
Why is our current bias long?
- Have to take a shot now as this is one of the last defences for Bitcoin to remain mid term bullish.
- Volume buying at this level seems to be good so far.
- Mining companies are performing very well and the bullish structures are playing out. They led the way last time.
- Alts are getting absolutely destroyed, they will need to bounce and cool off soon, BTC pumping will do that.
Why are we cautious
- Total 2 & 3 technical structures are broken, we are definitely mid term bearish on those as there is no argument for higher prices, for now.
- Indicators are not showing any bullish divergence or signs of reversing.
- We are bearish on most alts and the market as a whole.
Overall Takeaway
We are going to long bitcoin around this level looking for the 5-0 and support to hold, if it doesn't we expect 60k to be hit pretty quickly. 60k is the last line of defence before another steeper drop and a massive break of structure that could result in a mid term bear market - which the alts are in already.
Having said that, there is hope. Bitcoin can reverse at the 50% retracement level - $64,300 - to complete a bullish 5-0 pattern. In this scenario it would also hold the last support before 60k and pivot to all time highs.
To play the bullish 5-0 you will need to monitor price action carefully and wait for some signal candles around this support. We are longing this and have already started building a position in the zone.
Why is our current bias long?
- Have to take a shot now as this is one of the last defences for Bitcoin to remain mid term bullish.
- Volume buying at this level seems to be good so far.
- Mining companies are performing very well and the bullish structures are playing out. They led the way last time.
- Alts are getting absolutely destroyed, they will need to bounce and cool off soon, BTC pumping will do that.
Why are we cautious
- Total 2 & 3 technical structures are broken, we are definitely mid term bearish on those as there is no argument for higher prices, for now.
- Indicators are not showing any bullish divergence or signs of reversing.
- We are bearish on most alts and the market as a whole.
Overall Takeaway
We are going to long bitcoin around this level looking for the 5-0 and support to hold, if it doesn't we expect 60k to be hit pretty quickly. 60k is the last line of defence before another steeper drop and a massive break of structure that could result in a mid term bear market - which the alts are in already.
Note
We currently sit below the 5-0 level and have backtested it as resistance perfectly. Have to get back above it to stay bullish.Note
Hanging in there for nowNote
After not holding 64,800, 60k and 57k were inevitable. The good news is we all got our at 64k and now we are down at 57,400. Lets see what happens here, we have to wait for an edge to develop, the next target down is 52k but a bounce back to 60800 wouldn't be surprising. Again, we WAIT for an edge to develop before taking action
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