Simple BTC Log Chart Channels

Seems accurate with the ATH hitting it perfectly and the crab between both in the ATH area. Now retesting previous support, difficult market situation, staying away from any kind of leverage until this chart shows a clear direction. If we get above I expect 100k EOY, if we get rejected I will expect a retest of 30k with potential for 24k if it doesn't hold.

Commentaire:

Comment: Exited the majority of my postions for now to see how it plays out. I doubt that we will crab around the resistance for long so we will soon see the market's decision at around $52k-$53k (at the lower gray line), expected to happen this week but full confirmation with the weekly close after that one. If we get rejected it's going to look like a dead cat bounce which would be a shorting opportunity as panic sets in. I think sitting on the sidelines for now is the best option as the upside to our resistance is only 2.5-5%, however I will be opening a (1x) short at the resistance with a tight stop-loss and see how it goes. I'm overall bullish on crypto but I think in the shorter term it's too early to go up and beyond our previous high again.

Commentaire:

Correction has begun, current estimates for this weekly timeframe are: first we test 47.3k, then 43k, followed by 42.8k (previous month-long resistance), if we bounce off of that one a retest of our Channel Resistance at 56k is likely, otherwise we could be looking at further downside in the next weeks to our major resistance at around 30k followed by our green log support at around 20k. Alternatively we bounce off 47.3k now, push to 51.5k-52k and face the market's decision for the coming months.

TLDR: Most important levels are 51.5k-53k on the upside at the bottom of our gray channel (potential short-entry), and around 43k (potenital long-entry) on the downside. Still recommend staying away from leverage though.

Commentaire:

Close up levels on the linear chart: