Bitcoin, What Are You Doing?

#bitcoin #ta

Apr 19, 2024

∙ Paid

Bitcoin may be confusing some of you with recent price action.

First, it crossed below my 2019 trendline. This turned out to be a big bear trap as we never did get confirmation on the daily.

Now, it has broken to the upside of both my line AND that green channel.

Also, the daily RSI is now back above support.

All of the above events appear bullish at the onset, but caution is still warranted here. Until Bitcoin closes above 63.8k today, it is simply forming a new lower high, hinting that further downtrend will continue.

So today, keep your eye on the close of today’s candle. If the body of today’s Bitcoin candle is able to beat 63.8k then there is a chance our pullback has turned positive again. Until then, this is likely just MM’s playing games and trickery.

Remember, just because we did not receive a daily confirmation candle on our break below my 2019 trendline doesn’t mean that line is not growing weaker. Bitcoin continues to hammer away at that line of support. The body close below and the next candle’s body open below represent to me “a crack in the ice” if you will, showing me that the line is being treated now as less significant than it once was. However, we remain on the top side of the line, and as long as this is the case I will remain long in most of my trades. Stops are set accordingly. You can view all of my current open trades below.

Best,
Stew

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