As you can see BTC has reclaimed and retested a large level of support. After testing this level 3 times over, it was finally broken, only to fail right after and be reclaimed. After waiting to see how this level would hold it is currently being retested for the fourth time over, providing the perfect opportunity for a long.
Several banks have indicated they now have BTC etf's on their balance sheets, including largely outspoken critic JP Morgan. This could prove to provide investor confidence in the asset and we can hopefully see this go parabolic from here. I would first like to see BTC accumulate at or just below current ATH before breaking the level with force.
If price breaks down from this support we could easily see -20% moves. So in the case, if broken shorts could be a good idea, although very risky considering the current environment.
Sentiment in general seems to show people are currently cautious, this has the possibility of many people missing out on the move up causing FOMO to kick in.
Several banks have indicated they now have BTC etf's on their balance sheets, including largely outspoken critic JP Morgan. This could prove to provide investor confidence in the asset and we can hopefully see this go parabolic from here. I would first like to see BTC accumulate at or just below current ATH before breaking the level with force.
If price breaks down from this support we could easily see -20% moves. So in the case, if broken shorts could be a good idea, although very risky considering the current environment.
Sentiment in general seems to show people are currently cautious, this has the possibility of many people missing out on the move up causing FOMO to kick in.
Comment:
Fantastic movements so far and we've seen exactly what we wanted to on BTC. Has moved passed the 21 sma and the corresponding midrange.
Comment:
This trade is moving along very nicely. Momentum is gaining and we can see possible breaking of all time highs this week. Longer term i'm expecting price to gather around 80-85k levels before retracing and consolidating a bit.
Comment:
This is an ideal entry point imo. Much wider space for pull backs for risk management and invalidation of idea would be around 59k area or even at the lows of 56k. Although I don't currently expect this, always good to be open to the possibility.
