#BTC - Weekly Timeframe
What do you see when looking at this chart?
Indecision? Confusion? Denial? Optimism? Hope? Fear? Greed?
It should be all of them.
During times like this the market is luring you into participation where no real signs to justify participation are present.
Whilst support is holding and the ever-growing popularity of the ‘lower high’ continues being discussed, it’s important to remember what’s going on externally around the world at present, alongside what the current price action shows.
The wicks are evidence of bulls attempting to regain territory lost over the past few months. Selling pressure has remained dominant. That’s the first sign... no matter how many attempts have been made, they’ve all failed❌
Considering that, fear is returning to the market..
Eventually, the bulls will likely go in one final time to confirm if this really is the make or break level. When that moment comes, it may not be wise to be on the buying side...
Don’t just look at support, look at the resistance and what the candles over the past few weeks represent. There’s never been a more important time to simply sit back and await a breakout from this extended consolidation..
Less is more, do not chase the market, those doing so will be slaughtered.
$20,000 BTC remains an imminent threat.
Once this chaos is over and buyers become trapped, the wipeout could be horrific.
Stay safe, stay patient and await further confirmation ⚖️
What do you see when looking at this chart?
Indecision? Confusion? Denial? Optimism? Hope? Fear? Greed?
It should be all of them.
During times like this the market is luring you into participation where no real signs to justify participation are present.
Whilst support is holding and the ever-growing popularity of the ‘lower high’ continues being discussed, it’s important to remember what’s going on externally around the world at present, alongside what the current price action shows.
The wicks are evidence of bulls attempting to regain territory lost over the past few months. Selling pressure has remained dominant. That’s the first sign... no matter how many attempts have been made, they’ve all failed❌
Considering that, fear is returning to the market..
Eventually, the bulls will likely go in one final time to confirm if this really is the make or break level. When that moment comes, it may not be wise to be on the buying side...
Don’t just look at support, look at the resistance and what the candles over the past few weeks represent. There’s never been a more important time to simply sit back and await a breakout from this extended consolidation..
Less is more, do not chase the market, those doing so will be slaughtered.
$20,000 BTC remains an imminent threat.
Once this chaos is over and buyers become trapped, the wipeout could be horrific.
Stay safe, stay patient and await further confirmation ⚖️