Last_Phoenix

My thoughts on possible BTC retrace 10k -> 9k -> 6k -> RIP ☠

COINBASE:BTCUSD   Bitcoin
Please do take this with a grain of salt!

I'm a firm believer in crypto currencies, however, I do think that we will experience several larger retraces, before we reach 20k and before we reach ATH.
News wise Fundamental wise I do think this is a very bullish year so far, but a bigger retrace wouldn't surprise me. I will be happy either way if dip happens or not. Possibly more happier if dip happens.

I do think that we need to at least entertain possibility of a larger retrace! Historically, BTC has had a few surprises up it's sleeve, wouldn't you agree?

Other things to consider:
  • RSI failed to make higher high
  • I don't like candle formation, if we briefly forget last weeks candle (which looks minuscule on Weekly TF), we most likely will form a lower high this week.
  • Since end of July we haven't had a week with higher volume. This weeks volume most likely be higher, still 3 days left. But lets not forget bloody Fridays, that tend to happen from time to time.
  • It would be a mistake not to consider how important and reactive 200 weekly EMA on has been for BTC!

I would like to get another chance to buy BTC at 6k, however I do think that 10k is much more realistic bounce location. Crazier things have happened this year, though 😂

One of my first posts here. Don't be too harsh! Keep in mind that these are just my thoughts.

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.