Not Trusting It - Looking For Something Like 8800
On some time frames it looks like the recent megaphone is squeezing down for consolidation.
However it's not clear if it's squeezing down because of bullish accumulation long or bearish accumulation of shorts (which is different from distribution).
On the day chart ichimoku says it's in a green cloud which would indicate bullish choppiness. It has a support line near 8800 which is close to where I'm waiting for swing entries long.
I think the C point is a price that BTC may never test again. This is a "bull" year in the 4 year cycle and the theme until the end of 2021 should be upward. I think day trading in this region will be challenging until it comes down to a price where bulls are clearly soaking it up.
However it's not clear if it's squeezing down because of bullish accumulation long or bearish accumulation of shorts (which is different from distribution).
On the day chart ichimoku says it's in a green cloud which would indicate bullish choppiness. It has a support line near 8800 which is close to where I'm waiting for swing entries long.
I think the C point is a price that BTC may never test again. This is a "bull" year in the 4 year cycle and the theme until the end of 2021 should be upward. I think day trading in this region will be challenging until it comes down to a price where bulls are clearly soaking it up.
Komentar:
It just did a fakeout and dumped almost to my 8800 level which shows it was in fact in distribution. Will be watching for it to accumulate and squeeze down here. I'm not necessarily requiring an entry exactly at 8800 but looking for evidence that it is an accumulated level and then the bulls are drying up available volume around it.
