Let me first say that I am "not" clear on how the Bitcoin scaling issues are going to be resolved. In fact, the more I read, the less clear it becomes. So what's a trader to do..? Of course, sitting out until more clarity arrives is never a bad option but then, as traders, what we live for and need is volatility. And we certainly have that... Add the fierce scaling debate within the community, Crypto haters, HODL lovers, FOMO, I Told-Ya-So's and hack attacks and we've got a beautiful trading gumbo. The only thing we can look at with certainty is price. What's it telling us and where can we find good risk reward opportunities amidst the mayhem. That's all there ever is as a technician. So, as many have been PMing me for my opinion, here's what I see... no trade "yet." I've learned from painful experience to never try and pick a top or a bottom. Just no need to do it. Now given the daily chart pattern, which I find impossible to see without a bullish bias... we've come right up to an obvious resistance point. Channel's edge and the 50-61.8% retracement. I will be very surprised if we can get through $2,540 in this current environment. For the ultra aggressive; there is a very reasonable short there. But I'm a BTC bull and want the bigger money which I believe makes waiting for the bullish entry worthwhile. I hope we stall out at the 50% because then we start the set up for the long. And my eyes are on the target up at $3,470.
Until the next pullback, stay technical my friends...
It's just a bull, and this bull's on fire
Hotter than a fantasy, longer like a highway
He's living in a world, and it's on fire
Feeling the catastrophe, but he knows he can fly away
Oh, he got all hoofs on the ground
And he's burning it down
Oh, he got his head in the clouds
And he's not backing down
It's just a bull, and this bull's on fire
Hotter than a fantasy, longer like a highway
He's living in a world, and it's on fire
Feeling the catastrophe, but he knows he can fly away
Oh, he got all hoofs on the ground
And he's burning it down
Oh, he got his head in the clouds
And he's not backing down