#BTC Let's talk about Bitcoin again. After it leaked down from the third floor and tested support, it went through some serious ICU rescue, and now it finally has a faint pulse. In the 15-minute timeframe, we're seeing a triple convergence, and on the 1-hour chart, it has finally climbed above the ema21. The 4-hour timeframe is showing volatility warnings (so we need to pay attention).
So what's the outlook? My view is that we're transitioning from a one-sided downtrend to sideways consolidation. Right now, the 1-hour is overbought, so if you're shorting, set your stop-loss at the upper edge of the channel, looking for a pullback to the 1-hour 21-line. If you have long positions, hold on and bet on it climbing around the 1-hour ema21.
So what's the outlook? My view is that we're transitioning from a one-sided downtrend to sideways consolidation. Right now, the 1-hour is overbought, so if you're shorting, set your stop-loss at the upper edge of the channel, looking for a pullback to the 1-hour 21-line. If you have long positions, hold on and bet on it climbing around the 1-hour ema21.