Probably not... Huge expectation for it to go back into 4k... Even a chance that it could play into the upper 3k area.
I would look for the next opportunity for a “last chance” bottom when we get around mid 4k. Even if it dips to that high 3k level it will likely come back up OR it will be in serious trouble and we’re looking at $1500 - 2k.
Mike0006
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@zk8619, I wish it drops deeper and I could have chance for buying more btc but chart not seems to drop anymore!
Zulu_Kilo
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@Mike0006, did you expect for it to drop to 4000 in one day?......
It takes time to develop, but I would definitely not be buying right now. Many people that do TA mostly agree that at some point sooner than later you’ll have a chance for better entry and profit.
If you know how to do TA, you’ll see that BTC is currently waaay overbought.
My chart is showing much better entry points, if you can wait it out you should.
Mike0006
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@zk8619, nobody was expecting this break out. You also didn’t expect right and it’s really too high. I think it’s giving some message to traders about where btc going next. After this break up if btc fall under 3000$ it means it’s not trustworthy!
Zulu_Kilo
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@Mike0006, the smartest traders use BTC to get in either margin positions long or short, and even to get into alts.
Have you ever noticed that when BTC isnt going anywhere but sideways that alts are moving because people are still looking for gains moving in and out of BTC alt pairs?
And when you say that “nobody was expecting this breakout”, did you think it was going to stay in the 3k or 4K price forever?
There was obvious major resistance at 3200 and that is going to be a REALLY tough level to drop below given how resistant it has been the last few months.
You always have to go with the technical signals. MACD, RSI, EMA, SMA, Stoch... Look at the trend, look at the continuation trend or the reversal trend.
There are many ways to be able to get a good clue about the potential it has of either going up or down.
I’d say right now people are likely taking some profit after pretty solid gains in the past few weeks. They saw the gains stopping and you’re seeing people realizing their gains.
From all the technical signals I’m seeing, BTC is somewhat overbought. That’s why if you’re in a margin position, smart money is in a short. If you’re not in a margin, then you’re in a BTC alt pair instead of BTC because right now it’s moving sideways. When it’s falling, you’re in fiat.
Many ways to be in a position without having to be in an actual position...
I would look for the next opportunity for a “last chance” bottom when we get around mid 4k. Even if it dips to that high 3k level it will likely come back up OR it will be in serious trouble and we’re looking at $1500 - 2k.