Bitcoin and other cryptos had a solid rally this morning when Bitcoin wicked sub $6,500; that triggered a relatively massive order pool as there were many buy-orders around the $6,400-$6,500 range. The rally stopped just shy of $7,500 as there are also significant sell-orders at that price level as well.
Regardless of all that, we're still in the same down-ward channel that we've been in for months and are in "death-cross" territory now.
I'm still short-term bearish, but long-term bullish, looking for momentum to die and go back into the sub-$6K range.
When I see a channel break and a double bottom I'll look to re-enter. I expect a few months of downward/sideways pressure before we stabilize. Where the bottom is only time will tell. This is crypto, anything is possible.
Regardless of all that, we're still in the same down-ward channel that we've been in for months and are in "death-cross" territory now.
I'm still short-term bearish, but long-term bullish, looking for momentum to die and go back into the sub-$6K range.
When I see a channel break and a double bottom I'll look to re-enter. I expect a few months of downward/sideways pressure before we stabilize. Where the bottom is only time will tell. This is crypto, anything is possible.