So...
What's there to say. I've been trading BTC all week now switching between longs and shorts, but this is crazy. We are making too many "exact" price movements. Bounces are too clean and come vigorously. This can only mean one thing; an algorithm is deciding the market right now and there's a lot of money following it. Just look at how nicely it touched the 50 EMA. That's a pretty nice algo and I want to congratulate the person who made it.
We still have a bearish outlook on BTC as bears have been trying to break down below 8000. Ideally, we would retest 7000, creating essentially a double bottom and staying within the larger uptrend. This is my ideal scenario as a permanent bull who is short. However, given the amount of bulls that just gave up and set buy-ins below 8000 together with the bears that won't FOMO short over 8100... the market is in a standoff and the algorithm making the market is having a party.
50k BTC @ 50k USD ayy
What's there to say. I've been trading BTC all week now switching between longs and shorts, but this is crazy. We are making too many "exact" price movements. Bounces are too clean and come vigorously. This can only mean one thing; an algorithm is deciding the market right now and there's a lot of money following it. Just look at how nicely it touched the 50 EMA. That's a pretty nice algo and I want to congratulate the person who made it.
We still have a bearish outlook on BTC as bears have been trying to break down below 8000. Ideally, we would retest 7000, creating essentially a double bottom and staying within the larger uptrend. This is my ideal scenario as a permanent bull who is short. However, given the amount of bulls that just gave up and set buy-ins below 8000 together with the bears that won't FOMO short over 8100... the market is in a standoff and the algorithm making the market is having a party.
50k BTC @ 50k USD ayy
Comment:
By the way; I'm short and will close 50% of my position at 8160