BTCUPDATE - 200 SMA + Ichi Cloud Sideways Sandwich
Not surprisingly - at all - BTC got rejected by the daily 200 SMA on its first attempt to break it. It was never going to break the daily 200 SMA on first attempt after a massive rally.
On the positive side, though, for the bulls, BTC has now found support on top of the daily ichi cloud, and if it can consolidate here for a few days between the ichi cloud and the 200 SMA, and keep testing the 200 SMA, the next move will, more likely than not - although it's certainly not a given - be to the upside.
This is an area ripe for market maker games and there is going to be a ton of retail trader REKAGE here. Traders who missed the long from the late 7Ks/early 8Ks are pissed and determined not to miss the next leg up, so they will be nervously FOMOing in with every little $20 or $30 upswing, then having to jump back out at a loss when it goes back down. Shorters, on the other hand, will be mistakenly trying to catch a peak/top and will be getting liquidated from upside wicks and/or backing out of their positions when it goes down and then comes back up.
Just be careful. If you're not already in a successful trade/long here from the lower 8ks/upper 7ks (or lower), you need to sit out and watch for now.
On the positive side, though, for the bulls, BTC has now found support on top of the daily ichi cloud, and if it can consolidate here for a few days between the ichi cloud and the 200 SMA, and keep testing the 200 SMA, the next move will, more likely than not - although it's certainly not a given - be to the upside.
This is an area ripe for market maker games and there is going to be a ton of retail trader REKAGE here. Traders who missed the long from the late 7Ks/early 8Ks are pissed and determined not to miss the next leg up, so they will be nervously FOMOing in with every little $20 or $30 upswing, then having to jump back out at a loss when it goes back down. Shorters, on the other hand, will be mistakenly trying to catch a peak/top and will be getting liquidated from upside wicks and/or backing out of their positions when it goes down and then comes back up.
Just be careful. If you're not already in a successful trade/long here from the lower 8ks/upper 7ks (or lower), you need to sit out and watch for now.