Obviously, we will face resistance around the 200 day EMA & SMA at $10-10.5K, but it appears that a run back to the 9 week MA ~11.5K is in order here. Lots of new "Experts" are certain that BTC is headed straight to 6k and are probably about to get caught in a MASSIVE SHORT SQUEEZE, which leads me to believe we will see 11.5K re-tested as resistance and PROBABLY broken to the UPSIDE. Let's see...
IF that happens, the FOMO will become intense if bears can't hold $10.2-12.5K area. Also, bear in mind that EVERY EXCHANGE is working through BACKLOGS of customer applications from people who were ready to buy at MUCH HIGHER PRICES. We've got a POWDER KEG of RISK TO THE UPSIDE. If you don't believe in the value proposition of BTC, then buy all means, don't buy it, but for the love of all things holy (and your trading capital), DO NOT SHORT BTC. You will get SLAUGHTERED. Just my opinion...take it with a grain of salt.
If we lose 8.2K on the WEEKLY close, then all bets are off, but I like the UPSIDE trade here...
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So, we are at the 200EMA & SMA's on the 4HR right now. Volume is coming in and this market is going higher. Once we close a 4HR candle ABOVE the 200's the targets of 11.5K-12.2K are very likely to be tested. So far, so good!
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Well, hit the target. Now the real fun begins!!!!
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Gut check time...
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Looks like $12.2 it is. We are super close to being able to officially say a bottom is in.
Agreed - the FOMO from the new folks that bought in at $15-19k and sold on the way down is going to play some role here too, "This is my chance to make my money back!" "This is when I should've bought in in the first place!" - that type of thing (this is for non-institutional obviously).
Definitely not a great time to short BTC. That time has passed, IMO. For the first time throughout this correction, volume is coming in, and we're finally seeing some legitimate signs of reversal.
Thanks for the analysis brother!
kesmoments
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Greatest Advice ever! Quit those shorts even not buying!
Definitely not a great time to short BTC. That time has passed, IMO. For the first time throughout this correction, volume is coming in, and we're finally seeing some legitimate signs of reversal.
Thanks for the analysis brother!