CPI news just released on BTC and the markets are providing their normal volatility. I see many bullish sentiments being released and figured this idea may help give an alternative view.
The idea is pretty simple and combines a few simple ideas about price action. The first being the recent downtrend that has begun, shown by the yellow line in the chart. The second basic idea being a resistance level that BTC recently broke down from, shown by the higher blue line on the chart. And thee third idea is an order block imbalance on that recent break down, shown by the box drawn on the chart. Without going into too much detail regarding each of them, my stance on bullishness (that a word?) is just that all 3 of these must break.
Until that happens, I see a lot of roadblocks in the short term price action that make my stance more bearish than bullish. Not putting much context on this one as the apex to these ideas is near and just wanting to get this idea out for everyone.
Just noticed how nice the CME chart lines with this idea as well:
CPI news just released on BTC and the markets are providing their normal volatility. I see many bullish sentiments being released and figured this idea may help give an alternative view.
The idea is pretty simple and combines a few simple ideas about price action. The first being the recent downtrend that has begun, shown by the yellow line in the chart. The second basic idea being a resistance level that BTC recently broke down from, shown by the higher blue line on the chart. And thee third idea is an order block imbalance on that recent break down, shown by the box drawn on the chart. Without going into too much detail regarding each of them, my stance on bullishness (that a word?) is just that all 3 of these must break.
Until that happens, I see a lot of roadblocks in the short term price action that make my stance more bearish than bullish. Not putting much context on this one as the apex to these ideas is near and just wanting to get this idea out for everyone.