Bitcoin has been going slightly up in the recent weeks, but the structure of the uptrend seems to be corrective rather than impulsive. Signs of a corrective trend are overlapping swings, huge retracements between waves, and holding parallel channels (price never went above the channel). If a trend is bullish, the price should go above the parallel channel – in this case, Bitcoin is not strong enough, and instead, the bulls are losing steam, and the price is starting to lose this blue parallel ascending channel.
If you watched my previous ideas on TradingView, you know that I predict that Bitcoin will go to 58k. Sooner or later this is going to happen, the question is when exactly. I think this uptrend on Bitcoin is starting to be very overextended, and we should see the end of this trend very soon! Probably today or tomorrow.
The next target is around 70k (0.618 FIB). The stock market S&P500 is at an all-time high and moving up relatively slowly but very steadily. Instead, Bitcoin is moving up very fast (during bull markets), but with huge drops every 4th year. The dynamics of these markets are very different.
IN the short on Bitcoin – watch this red range at the top of the channel. When you see a breakdown, enter a short position or exit your long position. This is how you can trade based on confirmations.
Write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Trading is not hard if you have a good coach! I am very transparent with my trades. Thank you, and I wish you successful trades!