SUMMARY: ST BTC continues to fall , we have had a dead cat bounce or "bull trap". Buying continues to be very strong under 50k.
Tricky one - I posted long but see BTC price remain depressed for a while longer.
-- Technical --
We had a dead cat bounce on the 4H and have broken through the 50k psychological support - there is loads of liquidity and huge amount of buying occurring.
The lower Bollinger Band has been smashed through on the daily add to support, indicates up reversal.
The lower channel line has provide strong support and has been tested 3 times already.
Also, we are moving towards the end of a 8 weeks cycle and anticipate a low at the end on the purple line, this usually coincides with the end of month option expiries.
Finally, we have another support at the 42k level. In short, we have plenty of short in play. - remain very bullish .
-- Fundamentals --
We are not seeing new inflows of BTC into exchanges, more BTC is being taken off exchange and put into cold storage - ultra bullish metric. You can see on Glassnode this data.
$$$ Happy Bull Market Alts season is here $$$
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*Not financial advice and is for educational purposes only. Always DYOR.
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This bull flag has played out well. I hope everyone has been about to take some profits.
Looks like we have fire sale of crypto assets on discounts.... for a short time only.