BTC shows good rise since yesterday. But it is still in global downtrend channel and today I guess it will test upper border of that channel (at around 10900$-11000$). In case of breach it will go up, if not it will go down to 10000$-9800$.
Let me write in details what will happen in both scenarios.
Scenario 1: BTC broke throught the downtrend channel and consolidated above. Its still has to test Kijun line and and resistance levels at 11800$ and 12500$.
Also BTC is forming bullish pattern — reversed H&S on D1 (I’ve published about it several days ago). And if BTC consolidates above 11000$ then reversed H&S can rise up BTC to 12500$. Then we have to expect correction, flat and new ATH.
Scenario 2: BTC didnt break the upper border of downtrend channel and went down. Below BTC will meet support level at 10200$, EMA21 at 9800$ and another support level at 9400$ and 8200$.
In case of falling lower 10000$ most of traders start to fix BTC and sell it, which can also help to dropdown th price.
What do I prefer most: BTC rise or dropdown?
Defently rise, as all we — cryptotraders are expecting only further BTC rise.
But I’m afraid that this “bullish run” is a trickery by whales.
My recommendations
If you want to buy BTC now and expect future rise I can only ask you to put stoploss at around 10500$.
My thoughts about current situation
The current BTC rise and positive news reminds me the opposite situation when whales dumped the price to 6k$. Every day we recieved another news about crypto regulations, exchanges ban, crypto ban and etc. Now we see that EU Regulators decided dont disturb cryptocurrencies and let it rise. South Korea reminding us several times per week that now he is not going to ban and disturb crypto exchanges and bla bla bla.
Fortunately we are not the idiots and expect that current rise can be a nice bull trap.
So my fellas, if can join to BTC bull run, but with put stoploss. And if it starts falling dont enter back to BTC when stops will be kicked out.
