BTC - Bullish Consolidation or Weakness
Seeing a lot of Bitcoin bulls as of recent, and it seems that we are in the last leg of this broad consolidation, or are we?
I am not so fond of "looking bullish vs I want to buy the next dip". Generally when you are hearing, ohhh I will buy the next pullback, it is a sign that the boat has left shore. So what is the chart telling us?
I am leaning bullish here as long as the stock market remains bull as well. Like this tight consolidation where it is lingering at a level it failed quickly before.
In short Bitcoin needs to take out 65k to confirm long. Takes this out, it would be reasonable to take a trade with a stop around 61,500. Keep in mind that this is still part of a broad consolidation so it may fake out.
I'm going with the "give me a pullback and I'll buy mentality". This has been a broad consolidation and my assessment at this point is pullbacks are for accumulation. Nothing is guaranteed but IMO we are another week closer to the breakout.
I am not so fond of "looking bullish vs I want to buy the next dip". Generally when you are hearing, ohhh I will buy the next pullback, it is a sign that the boat has left shore. So what is the chart telling us?
I am leaning bullish here as long as the stock market remains bull as well. Like this tight consolidation where it is lingering at a level it failed quickly before.
In short Bitcoin needs to take out 65k to confirm long. Takes this out, it would be reasonable to take a trade with a stop around 61,500. Keep in mind that this is still part of a broad consolidation so it may fake out.
I'm going with the "give me a pullback and I'll buy mentality". This has been a broad consolidation and my assessment at this point is pullbacks are for accumulation. Nothing is guaranteed but IMO we are another week closer to the breakout.
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