2024-09-25 - priceactiontds - daily update - bitcoin
Good Evening and I hope you are well.
tl;dr
Bitcoin - Look at the daily chart. Absolutely in balance is what this is. Please see my weekly outlook for more info.
comment: Did not change anything from my weekly chart since market is doing nothing. You don’t see a market printing 6 of those bars very often. Be prepared for the breakout.
current market cycle: trading range (again a triangle on the daily chart)
key levels: 57000 - 65000
bull case: Bulls had 3 legs up and moved sideways since. No side has an advantage here. Bulls need to get above 65000 for 67000/68000. Don’t try to analyze more than there is to it.
Invalidation is below 61500.
bear case: I won’t bore you longer. Bears need to get below 61500.
Invalidation is above 65000.
short term: Neutral as can be.
medium-long term: Down to 40000 (could take 1-3 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged since March, obviously updated the time range which was 6-9 months before.
current swing trade: Nope
trade of the day: Clear support and resistance. Either scalp it or set up alarms and don’t look at it until they go off.
tl;dr
Bitcoin - Look at the daily chart. Absolutely in balance is what this is. Please see my weekly outlook for more info.
comment: Did not change anything from my weekly chart since market is doing nothing. You don’t see a market printing 6 of those bars very often. Be prepared for the breakout.
current market cycle: trading range (again a triangle on the daily chart)
key levels: 57000 - 65000
bull case: Bulls had 3 legs up and moved sideways since. No side has an advantage here. Bulls need to get above 65000 for 67000/68000. Don’t try to analyze more than there is to it.
Invalidation is below 61500.
bear case: I won’t bore you longer. Bears need to get below 61500.
Invalidation is above 65000.
short term: Neutral as can be.
medium-long term: Down to 40000 (could take 1-3 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged since March, obviously updated the time range which was 6-9 months before.
current swing trade: Nope
trade of the day: Clear support and resistance. Either scalp it or set up alarms and don’t look at it until they go off.
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