CRYPTO MECHANIC
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Bitcoin Drops Below Key Weekly Level
It’s been 6 weeks since Bitcoin topped around $125k, and since then, bears are completely dominating the crypto market.Bitcoin is now below 100k, even below the $98k key zone on the weekly chart that we’ve been discussing in every other update.
So Lets talk about BTC, see what we can expect next, and if there’s any hope for the bulls, or if we’ll continue to see Bitcoin bears dominate the crypto market.
BTCUSD (weekly)
Last week we discussed that price was holding $107k zone and now that its broken we might see some hurdle around that zone. Bitcoin failed to reclaim it and now we are below $98k
What now?
We had $107k as the key zone last week. I said price needs to reclaim it in order to give us some bullish confirmation.
I am going to keep it simple once again. Now that the price is below $98200, Bulls need to reclaim this and then we will get some bullish move. Until then bears will remain strong.
Trade Plan?
Now that we are below $98k that means the weekly chart isn't favouring any bullish bias so we have to be very cautious on buying.
Based on the weekly chart, I think the better trade opportunity will be a reclaim of $98,200. Once price does that, we can start looking for bullish trade setups, with the invalidation being whatever low Bitcoin makes.
Or some sharp moves down, I will keep you guys updated for that.
When it comes to trading, you must have an invalidation for your setup so you take the least possible risk.
Buying for a few weeks a good idea?
It’s been weeks of bulls getting destroyed, and I do think we’ll see some relief soon. If you were looking to buy Bitcoin but it felt too high before, I think this is a good time to start a slow DCA. The green zone is pretty good zone in my opinion.
Even if we don’t see a new high, we should at least get a lower high soon.
Personally, I’m positioning for that slowly buying BTC because I think the reward will be worth it. If you're a trader, This is not for you.
This concludes this week’s update.
So Lets talk about BTC, see what we can expect next, and if there’s any hope for the bulls, or if we’ll continue to see Bitcoin bears dominate the crypto market.
BTCUSD (weekly)
Last week we discussed that price was holding $107k zone and now that its broken we might see some hurdle around that zone. Bitcoin failed to reclaim it and now we are below $98k
What now?
We had $107k as the key zone last week. I said price needs to reclaim it in order to give us some bullish confirmation.
I am going to keep it simple once again. Now that the price is below $98200, Bulls need to reclaim this and then we will get some bullish move. Until then bears will remain strong.
Trade Plan?
Now that we are below $98k that means the weekly chart isn't favouring any bullish bias so we have to be very cautious on buying.
Based on the weekly chart, I think the better trade opportunity will be a reclaim of $98,200. Once price does that, we can start looking for bullish trade setups, with the invalidation being whatever low Bitcoin makes.
Or some sharp moves down, I will keep you guys updated for that.
When it comes to trading, you must have an invalidation for your setup so you take the least possible risk.
Buying for a few weeks a good idea?
It’s been weeks of bulls getting destroyed, and I do think we’ll see some relief soon. If you were looking to buy Bitcoin but it felt too high before, I think this is a good time to start a slow DCA. The green zone is pretty good zone in my opinion.
Even if we don’t see a new high, we should at least get a lower high soon.
Personally, I’m positioning for that slowly buying BTC because I think the reward will be worth it. If you're a trader, This is not for you.
This concludes this week’s update.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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