I may be wrong about this, but here is my take on BTC. As you can see in the chart I have outlined a few things.
#1. The level of support where BTC fell through ($6000 area), a level where there A LOT of buyers, as you can see every time it hit that support the price shot up. That support has been broken, and a panic sell off occurred. However the same buyers who pushed it up off that support, are still in the market. After that panic sell off they are ready to step back in and push the price up again. (BASE THEORY)
#2. BTC has formed a broad, double bottom, where the right leg is higher than the left one. It tried to rally but formed a double top, came back down and formed a small triangle, which to most people seems very bearish, because of the massive downtrend, however awhile ago it formed the SAME EXACT pattern and everybody shorted, and a short squeeze happened that pushed the price up very quickly. The same pattern has now formed. I may be wrong but I think a potential short squeeze is possible very soon, and I feel it is justified by what i mentioned in (#1)
#3. This is not scientific, but many people are bearish and are predicting a drop from here, all over the internet, sometimes its better not to follow the crowd, as 95% of traders fail to accurately predict and trade financial markets.
Again I could be totally wrong, but this is what I see.
#1. The level of support where BTC fell through ($6000 area), a level where there A LOT of buyers, as you can see every time it hit that support the price shot up. That support has been broken, and a panic sell off occurred. However the same buyers who pushed it up off that support, are still in the market. After that panic sell off they are ready to step back in and push the price up again. (BASE THEORY)
#2. BTC has formed a broad, double bottom, where the right leg is higher than the left one. It tried to rally but formed a double top, came back down and formed a small triangle, which to most people seems very bearish, because of the massive downtrend, however awhile ago it formed the SAME EXACT pattern and everybody shorted, and a short squeeze happened that pushed the price up very quickly. The same pattern has now formed. I may be wrong but I think a potential short squeeze is possible very soon, and I feel it is justified by what i mentioned in (#1)
#3. This is not scientific, but many people are bearish and are predicting a drop from here, all over the internet, sometimes its better not to follow the crowd, as 95% of traders fail to accurately predict and trade financial markets.
Again I could be totally wrong, but this is what I see.