Bitcoin Daily Dose 3/18/19

19. März 2019

BTC is currently about to break up or break down from its micro ascending channel. Last Friday, I had mentioned a revisit to $4040 and I was correct. There was a bounce at $4034 back to a local high of $4120. This price was not sustained as it was a rejection of the 23.6% Fibonacci line. My current prediction is that we will revisit $3937 within the week if we bounce at the $4030 area once again. As noted in my graph a bounce at $3937 would mean that the trend is still bullish, at least for short term. We technically aren’t bearish until a break and close of $3800 happens. If that’s the case I would be even more prepared to long for a scalp. I am not under the impression that a large drop is likely happen with BOTH BTCUSDLONGS and BTCUSDSHORTS trading identically. This is rare and indicates to me some market uncertainty which is actually a good sign for bulls since we are trying to come out of a bear market. It’s close in that there’s only a 300 position difference. The last time this happened was January 2nd, 2019 so it’s been 2 months now. Currently, I am looking to long at $3937 and look for a 4% scalp back up to $4100.