Hello all,
The last few days I've barely checked the chart, why? I figured we'd consolidate under $40,000 and slightly above or below. Going sideways messes with scalp traders and even swing traders because they get emotional and don't know which direction we're headed.
3 hour & 4 hour momentum oscillators are both oversold and have been for quite some time now, while the daily is still overbought.
Thus why I feel we'll see one more leg up to touch the trend line from ATH's before any volatile reaction.
The top (ATH's) signaled the pi-cycle top which hasn't happened since December 2017 when the last bull run was coming to an end.
4 years later (which is how market cycles for bitcoin move) signaled again April 14th, 2021.
Resistance is going to be very strong, I'm not saying bulls won't break this, but I'm saying all of CT and retail is bullish and forgetting about the 50%+ drop we seen the last few months from all time highs.
The next 7 days are very important and will likely paint the narrative over the next 31 days.
FOMO never ends well, and neither does FEAR.
FOMO comes at resistance while FEAR comes at support, and usually at least short term the market goes against these crowds.
"The masses are always wrong"
I've been waiting for bitcoin to touch the downtrend resistance trend-line from ATH's since we went sideways in the $30,000 region, and now the time has come.
Stay safe, and avoid leverage.
This is not a macro bullish post, I'm simply waiting for price action to reach the downtrend resistance and from there you can expect bearish technical analysis as long as we reject, or close the daily below.
In bear markets, sometimes price will break resistance to get traders to fomo into a long position only to provide liquidity for the following move down.
THIS IS NOT FINANCIAL ADVICE.
Do your own research.
These are just my thoughts, and are meaningless at the end of the day.
The last few days I've barely checked the chart, why? I figured we'd consolidate under $40,000 and slightly above or below. Going sideways messes with scalp traders and even swing traders because they get emotional and don't know which direction we're headed.
3 hour & 4 hour momentum oscillators are both oversold and have been for quite some time now, while the daily is still overbought.
Thus why I feel we'll see one more leg up to touch the trend line from ATH's before any volatile reaction.
The top (ATH's) signaled the pi-cycle top which hasn't happened since December 2017 when the last bull run was coming to an end.
4 years later (which is how market cycles for bitcoin move) signaled again April 14th, 2021.
Resistance is going to be very strong, I'm not saying bulls won't break this, but I'm saying all of CT and retail is bullish and forgetting about the 50%+ drop we seen the last few months from all time highs.
The next 7 days are very important and will likely paint the narrative over the next 31 days.
FOMO never ends well, and neither does FEAR.
FOMO comes at resistance while FEAR comes at support, and usually at least short term the market goes against these crowds.
"The masses are always wrong"
I've been waiting for bitcoin to touch the downtrend resistance trend-line from ATH's since we went sideways in the $30,000 region, and now the time has come.
Stay safe, and avoid leverage.
This is not a macro bullish post, I'm simply waiting for price action to reach the downtrend resistance and from there you can expect bearish technical analysis as long as we reject, or close the daily below.
In bear markets, sometimes price will break resistance to get traders to fomo into a long position only to provide liquidity for the following move down.
THIS IS NOT FINANCIAL ADVICE.
Do your own research.
These are just my thoughts, and are meaningless at the end of the day.