As we all know that in my last BTC forecast I predicted a swing trade which paid off well, Looking at the current scenario
BTC has to hold the current position for any bullish trend to form. The psychological 10,000 level is still intact but a price
more towards 11,500-12,000 is more reliable for us to believe that it has strong resistance down below and will stop the price from going down further. However, if the price falls or retests the old prices than we can potentially see another swing trade
in place at 2-3 different levels mentioned on the graph.
There are clearly 2 scenario's which are forming right now and it is very crucial for bitcoin price to hold this current level but
looking at the market sentiment which is more towards the bear side It is safe to assume that downside risk is 2:1
I would personally wait for this week's chart to form and also CME futures contract to expire on 26th to further reposition myself in the market or to buy any altcoins. There will always be opportunity in the market if you are patient and time yourself well. There is really no harm in taking a step back and analyzing the market and be sure which trend it is forming, rather than jumping on a sinking boat.
BTC has to hold the current position for any bullish trend to form. The psychological 10,000 level is still intact but a price
more towards 11,500-12,000 is more reliable for us to believe that it has strong resistance down below and will stop the price from going down further. However, if the price falls or retests the old prices than we can potentially see another swing trade
in place at 2-3 different levels mentioned on the graph.
There are clearly 2 scenario's which are forming right now and it is very crucial for bitcoin price to hold this current level but
looking at the market sentiment which is more towards the bear side It is safe to assume that downside risk is 2:1
I would personally wait for this week's chart to form and also CME futures contract to expire on 26th to further reposition myself in the market or to buy any altcoins. There will always be opportunity in the market if you are patient and time yourself well. There is really no harm in taking a step back and analyzing the market and be sure which trend it is forming, rather than jumping on a sinking boat.
