Looks like Im a fan of series so here goes another, Bitcoin Weekend Warrior #0001
Event after not seen BITCOIN going down in price I dont fee like missing out of any special since it only went up about $200 after I move from $BTC to USDT, as I mention on my previous post the main reason I did this was to avoid any flash crash during the weekend as we had for the past month, weekends specially Saturdays and Sunday are very low volume days and manipulation of the price is very easy
As shown on previous chart, price action looks very good on the short term, but sometimes its better just to stay on the sidelines and wait for opportunities because there will always be new trade setups, although it has gone up in price for the past 24 hours Im still not convince of this push, due to lack of volume it looks very weak and al it takes is a single cascade of average red candles doesn’t have to be that big of a dump to take us back to $7k flat or sub $7k.
When we zoom out to the daily there still no confirmation that Bitcoin will brake to $8k, it still has not brake the resistance of the red box its correctly in, with a top of average $7600, it has to close over $7700 then making it to $8k would be more realistic and from $8k then fill the CME gap at $9k, until the moment of this post it has not done that, not even broke its previous recent micro high of $7400, tomorrow we may see some movement depending on S&P 500 Mini Futures price action since crypto has been that much correlated to the traditional markets.
Im not bearish at the moment, as a matter of fact I would love Bitcoin to go up in price so my altcoins can appreciate in USD value but I dont see any real confirmation of the price going up yet, its still trading very close to the channel between yellow lines created since $14k, all I know right now is that Im not happy or sad price went up since its only a 2% move, Ill go back into Bitcoin depending on two factors if it brakes $7400 and the trend looks healthy with potential to go up or if it dumps and in this second scenario I would be looking for anything from $6800 to $6400.
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