Bitcoin: Where Are You Going, Buddy?

We can find reasons to think that the market will go up. For this, we just need to use hourly timeframes where the price is at the support zone, and it can become a starting point for a new uptrend.

But let's look at the daily chart, just in order to see the whole picture and better understand where we are and what we should expect from the market in several months.

To be honest, I worry about the buyers and holders. I also have long positions in BTCUSD market and several top altcoins. Of course, I would like to see a strong upside movement to the previous highs and the continuation of the stable uptrend. Also, I would like to see on the horizon solid fundamental news that could support buyers and the uptrend in the medium, at least. But I see nothing. Yes, now we can say that the price is consolidating before a new movement. But what if it will be a downside?

Just look at the daily chart. The price could break the main downtrend line. It gave us a bullish signal. We could expect that the market would develop the uptrend after that. But what did we get after the breakout? The consolidation and a signal that probably buyers are not so strong to push the market higher. And it is one of the main problems. What if buyers really can't push the market higher because they don't have the power and fundamental support? From my point of view, it can become a very solid bearish signal.

We can say now that the price moves sideways because it is a consolidation period. But if the price drops below 9000USD and moves below the main downtrend line, we will get a solid bearish signal from a technical point of view. It will add more bearish value to the previous statement about buyers with no power. If so, we will be able to see a new downtrend in the daily chart to the previous important support levels and the main uptrend line. Reversal signals from them will be good for buying, and it will be simple to explain why the price will move upside. As for the current situation, I think 50% for the upside movement and 50% for the downside movement after consolidation. It is rather risky to stay with long positions when you have such a ratio. Maybe it is better to fix at least the part of the profit and wait for a new buying opportunity from 6000USD and the main uptrend line. In that possible situation, we will have the oversold market with the potential to move upside. What do you think? Share your ideas in comments!



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.