Nice heads-up!
Given the 20k ATH, the 14k high, and the recent downward channel, BTC still has many key resistances layered between 9.4k - 10k. These will take time to break, and before these resistances are broken, our bias remains on the short side.
Do you agree with the setup below?
@Phi-Deltalytics, It's short, short short.... all the way. These are mini pumps to separate people from their BTC. Both fundamentals, technicals and the larger macro structure-- as well as low retail interest after the halvening hype, low retail capital due to corona and job loss
(home evictions and foreclosures are coming up next)
and increased risk perception from institutions means that the big boys won't buy at these high prices (no matter what Grayscale says ;) )
Along with their high-priced BTC product that yes, trades cheap, is not real BTC.)
We're due for a huge, nasty *prolonged* drop. Not flash crash drops, but a real shakeout. That hasn't happened yet and as we bump up against the macro force field again longs will hop on, hope will run high and then we'll have another drop.
@chartfella, Totally agree.
I think there are two groups of institutional forces too - the investors and the traders. Grayscale attracts more of the investor type, who don't play a big role in price actions, and only want crypto exposure for diversification purpose rather than swing trading purpose.
For the shorter term, I think a short-term downward pressure is due. For both bullish and bearish wave counts, we are currently traveling in a flat with 1:1 extension at 9.6k and 1:1.618 extension at 9.9k.
What do you think of the counts below?
@chartfella, yessir psychological levels to keep an eye on for potential sell pressure (if it starts wicking out move your stop loss to breakeven, protect the entry...) ideally we get 10K+ but id scale partials @ 9800 (1:1+) and then again around 10K (1:2)... if the bull run comes then awesome if not im onto the next trade
Comments
Given the 20k ATH, the 14k high, and the recent downward channel, BTC still has many key resistances layered between 9.4k - 10k. These will take time to break, and before these resistances are broken, our bias remains on the short side.
Do you agree with the setup below?
(home evictions and foreclosures are coming up next)
and increased risk perception from institutions means that the big boys won't buy at these high prices (no matter what Grayscale says ;) )
Along with their high-priced BTC product that yes, trades cheap, is not real BTC.)
We're due for a huge, nasty *prolonged* drop. Not flash crash drops, but a real shakeout. That hasn't happened yet and as we bump up against the macro force field again longs will hop on, hope will run high and then we'll have another drop.
I think there are two groups of institutional forces too - the investors and the traders. Grayscale attracts more of the investor type, who don't play a big role in price actions, and only want crypto exposure for diversification purpose rather than swing trading purpose.
For the shorter term, I think a short-term downward pressure is due. For both bullish and bearish wave counts, we are currently traveling in a flat with 1:1 extension at 9.6k and 1:1.618 extension at 9.9k.
What do you think of the counts below?
They're just hundred-dollar increments on the way up to 10K.
appreciate the comment