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We took profit for BTC in the past week and are now waiting for a re-entry around 8.8k. Despite the short to mid-term bearishness in our recent analysis, we remain bullish for the long run. As a result, buying the dips is prioritized.
BTC technical remains bearish for the mid and short term: 1. 2D RSI failing MAs ( bearish trend confirmed with the last BTC rise) 2. 8hr chart failing 55EMA. 3. BTC downward channel 4. 5 Elliot waves to the upside likely over 5. A double combo wave forming & might repeat the wave A of W scenario in coming weeks
The daily BTC chart does have slight bullish technical signs right now. However, more volume is needed for those bullish signs to initiate a push to 10k.
Are you currently a bull or a bear on BTC? All thoughts and critics are welcomed!
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Comment
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CME institutional traders’ net position remains similar to the level in mid-February 2020 (the BTC price peak before "black Thursday" 40% drop), and it has been dropping significantly since BTC attempted 10k. This makes it very hard to argue the short-term bull side.
Extremely interesting perspective. I'm a big fan of this structurally. Definitely tames the bull in me for the time being lol
Phi-Deltalytics
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@mduchow, haha. I have a very strong long-term bull inside of me as well. However, I'm definitely waiting for more confirmations for my long-side swing trades. Are you a swing trader?
Unchained_Trading
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@Phi-Deltalytics, Definitely, especially when BTC has been as flat as it has been recently. But I'm totally with you on that since these markets have been in such a spotty trend since the crash. Bitcoin is like a totally different market since black Thursday and, honestly, I miss the volatility it used to have - regardless of how manipulated it was. Good stuff though, I'll definitely be following you on this one.
Phi-Deltalytics
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@mduchow, I would prefer the more volatile market too.
Lots of manipulations could be caught ahead of time anyways!
The short-term bullishness is getting harder and harder to argue for.
Even institutions are not convinced.