BitcoinSatış
2025-01-07 - priceactiontds - daily update - bitcoin
Good Evening and I hope you are well.
tl;dr
bitcoin - Bearish. Yesterday’s bullish read correct and I would write it that way again. Bears took control of the market with the break below 101k and we just melted lower. We now have a perfect head & shoulders pattern with a target that aligns with my overall read and year end comment but confirmation will only be below 90000. The lower high 102718 was high enough and we could just go down from here. Buckle up crypto bros.
comment: Nasty bull trap and we have an amazing bearish outside down bar. I expect 92000 next and maybe 90k. Can bulls reverse this again to go above 103k? 100k maybe but I highly doubt anything above that. The head & shoulders looks good but confirmation is only below 90k.
current market cycle: trading range
key levels: 90000 - 103000
bull case: Bulls need to stop the selling and trade back to 100k and go sideways to keep the market neutral. If bears continue tomorrow, most bulls won’t hold long and have to cover again and will only look to enter closer to 90k. Bulls don’t have too much going for them after the huge reversal bar today.
Invalidation is below 90000.
bear case: Bears need follow-through tomorrow and a retest of 93000 or lower. Since the market has been going sideways for 2 months, the odds of a breakout below are small. Bears see today’s selling strong enough for at least a second leg and a measured move would bring us to 90000. I will watch for intraday shorts near the 1h 20ema.
Invalidation is above 103000.
short term: Bears are in control again and want a second leg down to 89k - 93k. I want to see a pull-back to the 1h 20ema and a strong signal bar before I add to shorts.
medium-long term: 75000 is my biggest target for now and until bears get there, any lower target is just unreasonable. My bias is bearish going into 2025 and I think the odds of a bigger leg down are good.
current swing trade: Short since 98k. Want to see 90k next to take some profits and add again higher or on a strong break below 90k.
trade of the day: Shorting the breakout below 101k was amazing.
tl;dr
bitcoin - Bearish. Yesterday’s bullish read correct and I would write it that way again. Bears took control of the market with the break below 101k and we just melted lower. We now have a perfect head & shoulders pattern with a target that aligns with my overall read and year end comment but confirmation will only be below 90000. The lower high 102718 was high enough and we could just go down from here. Buckle up crypto bros.
comment: Nasty bull trap and we have an amazing bearish outside down bar. I expect 92000 next and maybe 90k. Can bulls reverse this again to go above 103k? 100k maybe but I highly doubt anything above that. The head & shoulders looks good but confirmation is only below 90k.
current market cycle: trading range
key levels: 90000 - 103000
bull case: Bulls need to stop the selling and trade back to 100k and go sideways to keep the market neutral. If bears continue tomorrow, most bulls won’t hold long and have to cover again and will only look to enter closer to 90k. Bulls don’t have too much going for them after the huge reversal bar today.
Invalidation is below 90000.
bear case: Bears need follow-through tomorrow and a retest of 93000 or lower. Since the market has been going sideways for 2 months, the odds of a breakout below are small. Bears see today’s selling strong enough for at least a second leg and a measured move would bring us to 90000. I will watch for intraday shorts near the 1h 20ema.
Invalidation is above 103000.
short term: Bears are in control again and want a second leg down to 89k - 93k. I want to see a pull-back to the 1h 20ema and a strong signal bar before I add to shorts.
medium-long term: 75000 is my biggest target for now and until bears get there, any lower target is just unreasonable. My bias is bearish going into 2025 and I think the odds of a bigger leg down are good.
current swing trade: Short since 98k. Want to see 90k next to take some profits and add again higher or on a strong break below 90k.
trade of the day: Shorting the breakout below 101k was amazing.
İlgili yayınlar
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.