Halving is in 3 days. Long Open Interest is very high Key resistance level is 10,500 We've ran up for 8 weeks straight.
Who's got the most to gain when the scale is tilted to one side? The exchanges do. So putting it all together, I think come Monday, it will be a sell the news event.
It looks like we are forming a potential inverse H&S: left shoulder at 6,500 head at 4,000 potential right shoulder at 6,000- 6,500 ( would line up nicely with overall weekly trendline)
Would be very interested in hearing your feedback! Feel free to tell me I'm out of my mind and BTC is going to the moon.
remember last september when they said 6 was the bottom....funny how we seem possibly to be heading there again...wouldnt be surprised to see it stall there again before heading further south...especially as the economic depression starts to kick in worldwide...the longer we go...the worse the economic news will get and the lower the markets will correct..all markets that is...including this one..
Lucron
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@bitcointrader3764, It's going to be interesting to see this unfold. Not sure exactly how it plays out, but we can't deny the correlation with S&P and BTC these last few months. Things can get really good for BTC or really ugly. The key is to be prepared with game plans and execute accordingly.
Darkside999
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I agree euphoria is real right now..lol
Lucron
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@wildbeast, it really is! Gotta be careful on short entry though because markets can stay irrational longer than we can stay solvent haha
Darkside999
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@trading2travel, I know.. but I think next week it will bloody
Lucron
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@wildbeast, totally agree, seeing how we haven't seen daily consolidation, it's bound to happen. Sell the news event
Darkside999
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@trading2travel, and I see the bulls laughing at me and saying we are just gonna a keep going up from here to 14k 20k..gives me more confidence haha
Lucron
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@wildbeast, that gives us the reassurance that shit will get ugly hahaha. Load up that short!