But here’s an image that says caution
“Cryptocurrency bulls step back in.
With all these rumours of a Bitcoin ETF at major support on the BTC/USD market, there’s suddenly some serious positivity coming back into crypto markets. This is really highlighted in the price action that we’ve seen, with price no longer artificially lurching up and then coming down, but putting in the quality stepping up type price action that shows sustainability.”
I know the crypto space divides opinions, but even if you aren’t a fan of the tech and think that it’s going to explode in a bubble, the bottom line is that it’s a market that’s still moving.
For short term forex traders, crypto markets like BTC/USD are in my opinion the perfect addition to any watchlist.
As much as the mainstream finiacial media will have you belive that each move is caused by some sort of regulatory pass or yet another exchange in the middle of nowhere being backed, crypto markets actually have highly technical personalities and are worth a look for that alone if you think I’m crazy for writing about them.
Anyway, this rip out of higher time frame support has been great. I mean obviously, look at this chart:
I do want to give a word of caution to the bulls. We have been here before.
Take a look at the area of the chart that I’ve marked with the arrow:
Now compare the price action to what we’re seeing now. Both have the higher low printed, but neither have yet printed a higher high to break out of that bearish trending structure.
I don’t know if the short term trading (key words) risk:reward is there if you’re coming in this late.