SpawnyXBT

Everyone is waiting for 8K. I don't.

Short
COINBASE:BTCUSD   Bitcoin
Everyone is waiting for 8K .

Bears & Bulls are waiting.

Either to take profit or take short, everyone eyes are on the same target.

  • Currently we have a ratio of 70% longs and 30% shorts across derivates platforms.
  • Halving meme of 8K - 9K keep brining hope to HODLers
  • Bloomberg compares Bitcoin with Gold, in which case is another sell signal as they need retail liquidity to dump (we all know that while GOLD reached a new ATH, Bitcoin was beaten down with over 40% loss in value.
  • Volume is withered down
  • The market has an overbought state after 5 WEEKS of constant pumping without a real correction & consolidation.
  • Late longers haven't been punished.
  • Market sentiment increase from Extreme Fear to Fear or Neutral Sentiment.




I expect this to fall in 2 stages. One at opening or before weekly closing basically in next 24-48h

The next one will be during a week.


Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.