TODAY BTCUSD SIGNAL 11-03-22 : Bitcoin Is Trading Sideways Wait for a Breakdown or Breakout.


TODAY BTCUSD SIGNAL : Bitcoin Is Trading Sideways Wait for a Breakdown or Breakout.

Over the past months, I have kept you abreast of the counter-trend rally I anticipated, but with this sideways price action, not much of it has come to fruition other than two rallies to around $45K which were sold. Before I go into the details, please note a simple yet elegant tool to identify trends. Namely, the green and red dotted arrows that show annual changes: from March 2020 to March 2021, BTC moved overall higher.

TODAY BTCUSD SIGNAL : However, BTC has been trending lower from March 2021 to now (March 2022). These yearly changes, which can be updated for each passing day, help tell us if we should wear a Bullish hat or Bearish cap. In this case, the trend tells us to wear a Bearish cap. Until this annual downtrend changes to up, it is prudent to have a Bearish outlook.

Markets can go sideways, including those for Bitcoin for extended periods. The bulls and Bears are simply slugging it out. Recognizing this can save one from a lot of headaches as whipsawing markets can quickly lead to financial ruin, which my premium crypto trading members are well-aware of. Hence, one must be patient and wait for either a breakdown or breakout to get a more directional move.

Based on simple symmetry, I can project an upside target of ~$54.3K on a breakout over $44.3K, which fits my preferred more significant bounce scenario. Whereas a breakdown below $34.3K targets ideally around $24K. The latter would then present price action fitting of five waves lower from the November all-time high and could potentially complete a very large irregular expanded flat: blue A, B, C.

TODAY BTCUSD SIGNAL : Bitcoin has been stuck between a rock and a hard place this year. Uhm, I mean between $34.3 and $44.3K. When crypto markets trade sideways, it is often better to step aside and wait for a breakout or breakdown as not to get caught by the daily whipsaws.

Based on simple symmetry, a sustained (two daily close back above $44.3K) targets ~$54K or higher, whereas a sustained break below $34.3K can target ~$24K. The former should present a bounce high before BTC moves lower again, whereas the latter could mean BTC is gearing up for its next multi-month rally.

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