In reality, 64k was the top of the run. The only reason I can think of to explain the second run to 69k is a combination of the brrr and the need for an exit pump. Personally, when looking at the 1D chart, if the volume does not follow new highs, I interpret it as a zombie run. The range up to 64k had already been cleared, but above that: volume did not show up. That combined with a rising dollar and the threat of rate hikes signal the end of a run.
Not long ago I was at an airport in London. While waiting for my flight I saw a Floki Inu ad on screens. At my destination airport, there were ads for a trading platform offering ETH, BTC, and DAI. The best explanation for the zombie run is that market makers simply set sell orders all the way up to 69k, and it was retails' shallow pockets slowly filling them up. By the 70k mark, no one was actually buying.
Over the last month, I've made all but one short trade. MAs are flattening out. RSI is not confirming a move up. There is no hopium in TA patterns. S2F failed to predict the market move to 100k. Crypto is a FOMO-driven market, and missing psychological deadlines can be a bear sentence.
In my opinion, this run is over. I don't set targets because I'm a reactive trader. However, I am expecting lows for BTCUSD near 14k-19k.
Overall, there are too many reasons to sell and not enough reasons to buy.
Not long ago I was at an airport in London. While waiting for my flight I saw a Floki Inu ad on screens. At my destination airport, there were ads for a trading platform offering ETH, BTC, and DAI. The best explanation for the zombie run is that market makers simply set sell orders all the way up to 69k, and it was retails' shallow pockets slowly filling them up. By the 70k mark, no one was actually buying.
Over the last month, I've made all but one short trade. MAs are flattening out. RSI is not confirming a move up. There is no hopium in TA patterns. S2F failed to predict the market move to 100k. Crypto is a FOMO-driven market, and missing psychological deadlines can be a bear sentence.
In my opinion, this run is over. I don't set targets because I'm a reactive trader. However, I am expecting lows for BTCUSD near 14k-19k.
Overall, there are too many reasons to sell and not enough reasons to buy.
Comment:
TL;DR: 2022 will be pain
