a daily price action after hour update - bitcoin
Good Evening and I hope you are well.
comment: All bear trend lines clearly broken and higher prices are expected. My line in the sand for the bears is now 67250. If bulls can get above that, we see 70000 with very high probability next. I got measured move targets 70000 and 72000.
current market cycle: Trading range but I’m open to a bull trend for retest ATH or higher. If we break 67250, bull trend is on.
key levels: 56000 - 67250
bull case: Big bull bar on the daily chart. Buy signal for tomorrow. Bulls need to break above mentioned level for retest of 70000+. Not much more magic to it for now because the day was practically only bull bars on the 1h chart. Invalid below 64500.
bear case: Bears need to get their shit together tomorrow. The market stay above the 15m 20ema almost the entire day. Their first target is a close below the ema and then stop higher prices and make the market two sided again. Invalid above 67250.
short term: Can only say up until 67250 and see if bulls can make higher highs. If they can, bears will probably step aside until 70000.
medium-long term: down to 40000 (could take 3-6 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged
trade of the day: Insane bull day. Could have bought anywhere with reasonable stop and made moneh.
chart update: The green wave thesis is only valid if bulls make higher highs above 67250. Until then this is a trading range.
comment: All bear trend lines clearly broken and higher prices are expected. My line in the sand for the bears is now 67250. If bulls can get above that, we see 70000 with very high probability next. I got measured move targets 70000 and 72000.
current market cycle: Trading range but I’m open to a bull trend for retest ATH or higher. If we break 67250, bull trend is on.
key levels: 56000 - 67250
bull case: Big bull bar on the daily chart. Buy signal for tomorrow. Bulls need to break above mentioned level for retest of 70000+. Not much more magic to it for now because the day was practically only bull bars on the 1h chart. Invalid below 64500.
bear case: Bears need to get their shit together tomorrow. The market stay above the 15m 20ema almost the entire day. Their first target is a close below the ema and then stop higher prices and make the market two sided again. Invalid above 67250.
short term: Can only say up until 67250 and see if bulls can make higher highs. If they can, bears will probably step aside until 70000.
medium-long term: down to 40000 (could take 3-6 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged
trade of the day: Insane bull day. Could have bought anywhere with reasonable stop and made moneh.
chart update: The green wave thesis is only valid if bulls make higher highs above 67250. Until then this is a trading range.
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