BTC Price Action Outlook, Think about the 2 possibilities
Hello everyone:
Most of the crypto had some strong bullish price action last couple days, and many are looking to buy and hold for long terms.
While this is certainly a possibility, let me give a 2 possible outlook on the current price action,
and explain why this is the time to be extra patient here and observe the price.
The bullish outlook, as most people are expected to happen, is looking great as the current price action structure is a descending structure, and a strong bullish impulse phase up.
Naturally we would want to see further LTF continuation corrections, and the most important part is to break above the previous swing highs,
and continue higher with further bullish continuation corrections.
However, we should also consider the HTF overall price action, and the possibilities of a bearish continuation correction.
The bearish impulse phase, can still leads to a bearish continuation correction to push the price lower.
So understand that price can make a move up, but hitting the previous highs, and begin a LTF reversal price action, and creating a bigger bearish structure for the downside move.
Ideally we all want to see the bullish move to continue and expect further bullish impulse phases on the LTF to push the price higher,
but also understand what is possible from the price as well so we don't "marry" our analysis. Always have different possible scenarios.
Thank you
Most of the crypto had some strong bullish price action last couple days, and many are looking to buy and hold for long terms.
While this is certainly a possibility, let me give a 2 possible outlook on the current price action,
and explain why this is the time to be extra patient here and observe the price.
The bullish outlook, as most people are expected to happen, is looking great as the current price action structure is a descending structure, and a strong bullish impulse phase up.
Naturally we would want to see further LTF continuation corrections, and the most important part is to break above the previous swing highs,
and continue higher with further bullish continuation corrections.
However, we should also consider the HTF overall price action, and the possibilities of a bearish continuation correction.
The bearish impulse phase, can still leads to a bearish continuation correction to push the price lower.
So understand that price can make a move up, but hitting the previous highs, and begin a LTF reversal price action, and creating a bigger bearish structure for the downside move.
Ideally we all want to see the bullish move to continue and expect further bullish impulse phases on the LTF to push the price higher,
but also understand what is possible from the price as well so we don't "marry" our analysis. Always have different possible scenarios.
Thank you
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