Hello Team,
Bitcoin has set up a big trading opportunity. As Bitcoin whales such as Tesla who sold (75%) of their holding and Defi platforms fall apart the price continues on its bearish trend. As we near the apex of this structure we can look for another sizeable incoming move. We want to be set up with both scenarios as always. Currently, our bias is bearish seeing as another leg down to continue the trend is a higher probability at this moment. The only way the bias would change is a large volume break above the resistance structure. Upcoming news events such as FOMC tomorrow will be a larger mover in the markets.
Here are the Trade setups:
Bull Scenario: Bitcoin breaks above the structural resistance we can see a push towards 30K.
Bear Scenario: Bitcoin break the 2020 Support zone pushing towards 10-12K to the next support zone (Long-Term Portfolio Buying Opportunity).
Bitcoin has set up a big trading opportunity. As Bitcoin whales such as Tesla who sold (75%) of their holding and Defi platforms fall apart the price continues on its bearish trend. As we near the apex of this structure we can look for another sizeable incoming move. We want to be set up with both scenarios as always. Currently, our bias is bearish seeing as another leg down to continue the trend is a higher probability at this moment. The only way the bias would change is a large volume break above the resistance structure. Upcoming news events such as FOMC tomorrow will be a larger mover in the markets.
Here are the Trade setups:
Bull Scenario: Bitcoin breaks above the structural resistance we can see a push towards 30K.
Bear Scenario: Bitcoin break the 2020 Support zone pushing towards 10-12K to the next support zone (Long-Term Portfolio Buying Opportunity).