There's a Bat in Bitcoin
The Daily chart has shown a steady, healthy uptrend dating back to early April; longs.
However, since the start of July, we've been in this sideways channel, one in which I'm expecting to hold as we form this Bearish Bat with the PRZ right at former support-turned-resistance. One could take the counter-trend short and place stops just above resistance zone, but I'd prefer to buy long on any pullbacks that occur after the harmonic completion.
The volume has told a story that'll reinforce my decision to pass on this short. It was quite sporadic but the volume at the higher prices, which entices sellers, wasn't too high when compared to lower prices, which attracts buyers. That being said, I'd assume that we'd see a bearish reaction on the retest but not one strong enough to change our overall bias from long to short. (climatic volume would need to be seen.)
As to what signal may float along that'll initiate my long entry, I'll just have to wait and see.
However, since the start of July, we've been in this sideways channel, one in which I'm expecting to hold as we form this Bearish Bat with the PRZ right at former support-turned-resistance. One could take the counter-trend short and place stops just above resistance zone, but I'd prefer to buy long on any pullbacks that occur after the harmonic completion.
The volume has told a story that'll reinforce my decision to pass on this short. It was quite sporadic but the volume at the higher prices, which entices sellers, wasn't too high when compared to lower prices, which attracts buyers. That being said, I'd assume that we'd see a bearish reaction on the retest but not one strong enough to change our overall bias from long to short. (climatic volume would need to be seen.)
As to what signal may float along that'll initiate my long entry, I'll just have to wait and see.
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