Weekly Bitcoin plan: 26 March 2023
As the time count continues over the 7 days, BTC seems to be faltering at this level. But a $QQQ move up early next week could give us another leg up.
Published in
2 min readMar 25, 2023
Bull case
I am well expecting another leg up. Since we already on day 8 in the bull flag, BTC needs to make a move soon. However, at $30k — $32k, I will simply be adding to my $ETH and $BTC shorts.
Bear case
Ok, lets go through a few items
- Our bear flag is using previous resistance as support. So expecting another leg up
- We still have bearish divergence on RSI, so another pull back is not far off now
- OBV is confirming the bearish divergence, so again, THIS IS NOT THE TIME TO LONG.
- If Bitcoin does make a move up, this is where I will add to my shorts.
Conclusion
I am still in my ETH and BTC shorts and they on break even, to slight profit/loss. If we move up, I will simply add to the shorts to improve the entry price.
$30k is a massive resistance zone, don’t expect a break through here on the first attempt.
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