Hear me out... I know it's just a couple of days before the halving, but the selling pressure is still strong on BTC and has hit the 60K level without showing signs of slowing the pace to the downside. This makes me think that 50K-52K is possibly in the cards because there really isn't much support until that zone as the order blocks are showing on the 4hr timeframe. Other timeframes are looking very similar.
The new prediction model on the Logical Trading Indicator PRO is showing the possibility of more downside. This is based on a cumulative sum of data based on a linear regression calculation. But what all that means is that it helps predict the direction the markets may move based on this data. This is also supported by the Visible Range Volume Profile from on TradingView that shows there isn't much demand between here and that 50K-52K range.
With global tensions high in the past week, the markets haven't been very favorable for the number-go-up crowd, but for those that know how to trade the volatility, you should have been doing pretty well either way.
We may have some ups, we may have some more downs, and guess what, we will have some sideways time too. What is important is that you make sure you are following the trend for your time frame. If you are trading short term like myself, you are hopefully capitalizing on the short side. But you may be in the camp that you are buying the perpetual dip. If so, then you are just hopefully dollar cost averaging into the market on these drops to the downside.
Are you buying the dip bullish or are you shorting with the bears?
Would love to know in the comments!
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Many of my cryptocurrency related articles as well as trading articles can also be found on my crypto research site, Coin Logic.
I also post trading chart ideas on my TradingView Profile.
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