Looks like the bulls managed to skate by the bouncers at the 2017Q2 lower support trendline. Then the market rallied at the news of Goldman-backed startup Circle buying Poloniex. To my horror, I watched my shorts die a terrible death as the stampede of bulls rushed the market north $500USD in less than 30 minutes!
The BTC Yazuka didn't just open the doors, they gave the bulls a free pass to Club Moon! Or, did they? Looking at the limit orders on CEXIO exchange, I see a major sell wall at $11.4K with well over 500BTC waiting for the harvest. Are the bulls simply here to fatten up before the bears feast on their tasty steaks? Time will tell!
Of course, that sell-wall could easily evaporate or move the goal-posts north. But at this moment, that looks like the next barrier. The buyers appear far and few in between compared to such a sell off.
If the bulls manage escape the bear's teeth at the $11.4k sell-wall, then we could see enough rocket fuel to jet past the 61.8% fib onwards to just below $13K.
Good luck trading!
<<< For entertainment purposes only, this does NOT constitute financial advice. I'm not responsible for your losses and profits. Nor am I your investment advisor. >>>
The BTC Yazuka didn't just open the doors, they gave the bulls a free pass to Club Moon! Or, did they? Looking at the limit orders on CEXIO exchange, I see a major sell wall at $11.4K with well over 500BTC waiting for the harvest. Are the bulls simply here to fatten up before the bears feast on their tasty steaks? Time will tell!
Of course, that sell-wall could easily evaporate or move the goal-posts north. But at this moment, that looks like the next barrier. The buyers appear far and few in between compared to such a sell off.
If the bulls manage escape the bear's teeth at the $11.4k sell-wall, then we could see enough rocket fuel to jet past the 61.8% fib onwards to just below $13K.
Good luck trading!
<<< For entertainment purposes only, this does NOT constitute financial advice. I'm not responsible for your losses and profits. Nor am I your investment advisor. >>>
I might open a long but get out the moment the breakdown is confirmed. Then put my bear cap on!