BTC is Coiling - Top 5 Weekly Trade Ideas #5

1 Eyl

We've seen some wild action on BTC lately as usual. It has a really nice shorter term pennant breakout, but quickly erased that move. This 58k-60k area has proven to be important, it still has not picked a direction after months of trading in this range besides the one big move down to 50k that was quickly bought up. I'm still not sure what to think about BTC and I'm unsure about whether or not it can decouple from stocks. You probably already know I expect a big crash, but also believe BTC will go up exponentially in the long run. I think we're at an interesting spot right now and I'd like some more confirmation.

I'd consider BTC bearish at the moment because of the pennant fakeout. It is also back under 59k, so until bulls reclaim I'm not convinced it won't head back to 50k and potentially lower. I left my old paths on this chart from my previous idea. You can see that while it did breakout, it eventually failed and we are at the same price now a week or two later.

I'll be watching these trends and the 59k area moving forward. I think we'll see a quick move back to 67k or 50k, once it finally picks direction.