Bitcoin: 35K Test For New Long?
Bitcoin has rejected the 40K area resistance swiftly over the previous week but that bearish momentum has also failed to follow through. What is going on here? This can be a bullish consolidation as long as the minor support at 35K stays intact. The higher probability opportunity in this case would be a double bottom or failed low off of the 35K support (see illustration on chart).
What IF 35K breaks? This would increase the possibility for a test of the 32 to 30K major support zone. A location that would still justify risks on the long side since the broader bullish structure would still be in play at that point.
Keep in mind this analysis is best suited for day trades and swing trades only. For example, waiting for long confirmations on a smaller time frame at these specified supports offers a better chance of a positive outcome as long as your EXPECTATIONS are in line with your time frame. If you don't understand this, do NOT risk real money.
Those who immerse themselves in news, logic, gimmicks to explain market movements or worse, forecast them are the MOST likely to be fleeced. The best we can do is form short term expectations based on recent price behavior. As price structures and levels change, our expectations should also change. If our goal is to generate a profit, then it is in our best interest to align with what the MARKET implies, NOTHING ELSE.
To be clear, the purpose of outlining this scenario is to PREPARE for a potential opportunity on the swing trade time frame that may develop over the coming week. Reacting to the price action at current levels is more likely to produce a random outcome. Random is not how you build accounts.
Thank you for considering my analysis and perspective.
What IF 35K breaks? This would increase the possibility for a test of the 32 to 30K major support zone. A location that would still justify risks on the long side since the broader bullish structure would still be in play at that point.
Keep in mind this analysis is best suited for day trades and swing trades only. For example, waiting for long confirmations on a smaller time frame at these specified supports offers a better chance of a positive outcome as long as your EXPECTATIONS are in line with your time frame. If you don't understand this, do NOT risk real money.
Those who immerse themselves in news, logic, gimmicks to explain market movements or worse, forecast them are the MOST likely to be fleeced. The best we can do is form short term expectations based on recent price behavior. As price structures and levels change, our expectations should also change. If our goal is to generate a profit, then it is in our best interest to align with what the MARKET implies, NOTHING ELSE.
To be clear, the purpose of outlining this scenario is to PREPARE for a potential opportunity on the swing trade time frame that may develop over the coming week. Reacting to the price action at current levels is more likely to produce a random outcome. Random is not how you build accounts.
Thank you for considering my analysis and perspective.
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