BTC Needs to Choose Direction Soon

16 apr 2020

After days of no volatility, the BTC price finally showed some movement last night. The initial move was bearish but got rejected immediately by the bulls. It is too soon to tell the direction BTC wants to move to.

We could possible see some signals in the current stock market, as the unrealistic gains over the last weeks seem to have cautiously come to an end. Is this the top of a synthetic high?

If it is, the world economy could drag BTC down again. I am definitely not bullish for the coming few weeks because of the fundamental principles of a f'ed up economy together with way too high prices. However, on the shorter term we might see possibilities for some bullish scalps.

Furthermore, with the RSI that has been reset to exactly 50, we see there is no clear momentum at the moment and the price could truly go either way.

In this symmetrical triangle we can go exactly two ways, so I believe it's best to wait for BTC to show direction before we decide on either a bullish or bearish strategy.

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

16 apr 2020

Nota

What massive pump on BTC right now!


I will stay neutral until it broke the top of the triangle. I expect it might see some resistance there for now.