BTC is finding a really strong resistance at the 9k level. It is likely improbable that the cross will be able to break such a resistance easily.
To all my bull followers be aware, it's quite a while I was saying that a "bull run" was not going to happen. It might happen but just not now.
When will it happen?
Well, if I'm not mistaken an head and shoulder formation is developing on the daily chart. It will likely take a while to hit the bottom of the right shoulder that should lay on the 7500 dollar value roughly.
That will be one of the important thins to watch to see wether BTC might be able to kick off towards the moon or if it's headed down towards hell. If such a level is broken we might see the cross turning bearish again.
Another important point to take into consideration is the neckline. Upon completion of the H&S formation shall the cross break the neckline and continue downside, we will likely have a bearish outcome.
Overall, my idea is:
- Short from this point till 7500 roughly
- Long there after
- At neckline it will be a decisive point but I would be neutral till a further clearer signal.
**As usual, not a trading advice, merely my idea for educational purposes only**
To all my bull followers be aware, it's quite a while I was saying that a "bull run" was not going to happen. It might happen but just not now.
When will it happen?
Well, if I'm not mistaken an head and shoulder formation is developing on the daily chart. It will likely take a while to hit the bottom of the right shoulder that should lay on the 7500 dollar value roughly.
That will be one of the important thins to watch to see wether BTC might be able to kick off towards the moon or if it's headed down towards hell. If such a level is broken we might see the cross turning bearish again.
Another important point to take into consideration is the neckline. Upon completion of the H&S formation shall the cross break the neckline and continue downside, we will likely have a bearish outcome.
Overall, my idea is:
- Short from this point till 7500 roughly
- Long there after
- At neckline it will be a decisive point but I would be neutral till a further clearer signal.
**As usual, not a trading advice, merely my idea for educational purposes only**
