Weekly Bitcoin plan: 05 Mar2023

As last weeks bear prediction played out, a bear flag has just started forming. Whats in store for the coming week?

We never have certainties and thats exactly why we have a bear and a bull plan. Here is my plan for the week. Overall, I am still leaning bearish.

1. Note the huge increase in volume that could not break through the topping tail. Thus our topping tail is still very much valid and lowers the probabilities of a bull case.
2. (labeled 3) Note OBV with significantly lower lows. Not showing any signs of strength at this stage.
3. (labeled 4) Should the bear flag mature over the coming 5 days, this will increase probabilities of another leg down.
4. (labeled 5) Should the bear flag invalidate, I will add to shorts at $26 000.

Conclusion

I closed my AVAX short for a healthy 25% profit, but I am still in my ETH and SOL shorts.

I am waiting to see if SOL breaks $20 and planning to close it at $17.

I will be patient on my ETH short and see if the coming month brings $1300.

We are currently at support, I will not be opening any shorts here. While, we are to close to resistance, so no longs either. If the bull case works out, I will add to shorts, else looking for the right time to take profits.