OK so I overestimated this run and thought we would be at $11,000 a lot sooner.
But a look back at previous action on the CME is very revealing.
Its taken Bitcoin since 23 September 2019 to come back to this spot, and as you can see in the pink box zomes there is MASSIVE resistance here.
A cool off is needed. Healthy consolidation before the next run up. BLUE BOX ZONES - this is what happened last time.
This could last up to 4 weeks, its not what everyone wants to hear - and its also what everyone least suspects.
Remember also, people now see this area as a CRUCIAL turning point, Bulls vs Bears narrative, usually when these things are hyped - nothing happens
so I expect some consolidation to follow. BUT there is a MASSIVE exception.
The CME Gap. Notice how when we consolidated before we had a massive quick wick to fill the gap.
I am expecting similar such trickery to happen here. I am not expecting a continued run and then a fall back to this $8500 level, post halving.
I believe its far healthier for this to close sooner rather than later.
That being the case, it is worth stacking up orders around this area to get BTC at an exceptional buying price,
As for the ALTS, I expect BTC dominance continuing to retrace and ALTS to continue to rise for a few weeks.
BUT when BTC takes off again, the alts are NOT coming with it until it reaches all time highs. WITH THE EXCEPTION OF ONE OR TWO...
Which I will name in a future update! :P trade safely
But a look back at previous action on the CME is very revealing.
Its taken Bitcoin since 23 September 2019 to come back to this spot, and as you can see in the pink box zomes there is MASSIVE resistance here.
A cool off is needed. Healthy consolidation before the next run up. BLUE BOX ZONES - this is what happened last time.
This could last up to 4 weeks, its not what everyone wants to hear - and its also what everyone least suspects.
Remember also, people now see this area as a CRUCIAL turning point, Bulls vs Bears narrative, usually when these things are hyped - nothing happens
so I expect some consolidation to follow. BUT there is a MASSIVE exception.
The CME Gap. Notice how when we consolidated before we had a massive quick wick to fill the gap.
I am expecting similar such trickery to happen here. I am not expecting a continued run and then a fall back to this $8500 level, post halving.
I believe its far healthier for this to close sooner rather than later.
That being the case, it is worth stacking up orders around this area to get BTC at an exceptional buying price,
As for the ALTS, I expect BTC dominance continuing to retrace and ALTS to continue to rise for a few weeks.
BUT when BTC takes off again, the alts are NOT coming with it until it reaches all time highs. WITH THE EXCEPTION OF ONE OR TWO...
Which I will name in a future update! :P trade safely