Short Term - We are currently coming off a minor demand zone and if we can clear yesterday's high a reasonable short term target is the upper channel drawn. I believe there is a strong 25 day cycle and 60 day cycle operating here - the good news is we have just hit a confluence on the troughs of both of these cycles and I believe the cycle is now back to the upside. The bad news is obviously we are in a bear market and sell signals work better than buy signals.
Overall the down sloping vector has been a big problem for BTC - everyone's talking about this big descending triangle. It cant seem to break out of it and has been met with stern resistance every time it has tried. I also agree with everyone that if BTC cant break out of this triangle we are going much lower. A little troubling for me at the moment is that the IG Markets retail sentiment is bullish at 79% (this worries me because retail investors are usually on the wrong side of the trade). One ray of hope is that the support is currently holding at this $6kish - and often when descending triangles break to the upside it catches everyone by surprise and triggers all the bears stop losses - so it could be a fairly big move. I'm hoping the big boys / whales step up ! I have a fairly decent chunk of change invested at the moment. Let's see how this unfolds!
Overall the down sloping vector has been a big problem for BTC - everyone's talking about this big descending triangle. It cant seem to break out of it and has been met with stern resistance every time it has tried. I also agree with everyone that if BTC cant break out of this triangle we are going much lower. A little troubling for me at the moment is that the IG Markets retail sentiment is bullish at 79% (this worries me because retail investors are usually on the wrong side of the trade). One ray of hope is that the support is currently holding at this $6kish - and often when descending triangles break to the upside it catches everyone by surprise and triggers all the bears stop losses - so it could be a fairly big move. I'm hoping the big boys / whales step up ! I have a fairly decent chunk of change invested at the moment. Let's see how this unfolds!