You cannot comment on what you see on a map. What you SEE is NOT what you GET. We cannot see what is happening in the candles. When I made the video, price looked weak and looked like the bearing would break BUT the support never cleared.
In these situations, you have to show the market its hand. Let it take the first step and don’t get in the way. How many online “experts” said “Bitcoin bearish”? They react to what they see and ignore the probability. All it needs is a catalyst and the price can quickly come under pressure.
We sent a swing trade idea for ETH that was based on this Bitcoin price location. As I mentioned in the video, the price can easily reach the 34 to 36K area from here as that is the midpoint of the consolidation. Reward/risk for longs is VERY attractive in this area as 28.5K is the reference point.
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This article was originally posted on FX Empire