Tuesday, August 9, 2022

Bitcoin bitcoin ... bitcoin

Where is bitcoin going? How do we trade this market? Have a plan for all the possible trading patterns that evolve.

Take a look at this simple chart:


Bitcoin was hitting resistance at the blue line, retesting it over and over... it finally broke through with some (somewhat..) decent volume. However when it came back to retest... it fell through instead of hitting support. 

I don't see any huge upside right now - the support just isn't justifying it. Bitcoin is now trading sideways far too long...

June 18 was when it hit 17K-ish

The saving grace that's been keeping the market right now I think is the ETH upgrade possibly finally, maybe, hopefully... happening? 

My thoughts, take them for what they are, pure speculation. I'm not a financial advisor, this is for entertainment purposes only.

No comments:

Post a Comment