Bitcoin Moving in a (Bullish) Channel
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This sideways shitshow is just without an end, wonder if its because of the holidays maybe?
Alts were pretty weak yesterday, getting sold pretty hard once again. ETH made an okay bounce today but also nothing special. BTC made one of those moves again, i showed a week or 2 ago as well (they did 3 of those then). Confirming some whales are still Fing around with leveraged traders.
I would like to be stubborn and remain bullish on the higher time frame, but it's not endless. Past 2/4 weeks we had several great moments/setups for the bulls to build on but each time it shit the bed (not enough volume). The longer this sideways action goes on between 40/30K, the harder it becomes to predict as well. So i am not giving up yet but my confidence is get smaller as time passes.
For now, it seems the triangle i showed past week is not in play anymore, instead it's this channel. It's a bullish channel, but it has to show some real strength soon, coming 12/48 hours. If current daily close can be close to 33k, bulls have another chance. That daily candle would then be a bullish one, however, it's size is very small so not meaningful. Therefore, bulls need to show a much bigger green candle AFTER this bullish candle. Preferably tomorrow's candle, but if we can see a small and nice bull flag tomorrow, there is some room for the day after as well to see that big push.
If this doesn't happen like a described above, there is a very big chance we test the downside of that channel again, and also a good chance it might break. If it breaks, we could see a big dump happen. All other important factors we need to see on the bull side, i have mentioned several times past month and those still count.
For ETH, think breaking 2150/2200 would be a good win for the bulls. For BTC, 34.0Kish, is a big resistance zone now as well
So to me, it seems to be an important 2/3 days now.
Alts were pretty weak yesterday, getting sold pretty hard once again. ETH made an okay bounce today but also nothing special. BTC made one of those moves again, i showed a week or 2 ago as well (they did 3 of those then). Confirming some whales are still Fing around with leveraged traders.
I would like to be stubborn and remain bullish on the higher time frame, but it's not endless. Past 2/4 weeks we had several great moments/setups for the bulls to build on but each time it shit the bed (not enough volume). The longer this sideways action goes on between 40/30K, the harder it becomes to predict as well. So i am not giving up yet but my confidence is get smaller as time passes.
For now, it seems the triangle i showed past week is not in play anymore, instead it's this channel. It's a bullish channel, but it has to show some real strength soon, coming 12/48 hours. If current daily close can be close to 33k, bulls have another chance. That daily candle would then be a bullish one, however, it's size is very small so not meaningful. Therefore, bulls need to show a much bigger green candle AFTER this bullish candle. Preferably tomorrow's candle, but if we can see a small and nice bull flag tomorrow, there is some room for the day after as well to see that big push.
If this doesn't happen like a described above, there is a very big chance we test the downside of that channel again, and also a good chance it might break. If it breaks, we could see a big dump happen. All other important factors we need to see on the bull side, i have mentioned several times past month and those still count.
For ETH, think breaking 2150/2200 would be a good win for the bulls. For BTC, 34.0Kish, is a big resistance zone now as well
So to me, it seems to be an important 2/3 days now.
Not
To illistrate what i mean above, is something like this. If BTC can close around/above 33K, then we either need to see tomorrow's candle see a much bigger green one than today, or goes sideways tomorrow and then pumps the day after. I think if one of these don't happen, well, i described it above as well
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