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The most ultimate Bitcoin setup has been underway since $10.5K. It's human nature to want price to drop FAST but naturally, it's just not the way that price action works. This is actually great for some people, it gives you time to adjust, do your due diligence and move in the direction of defined momentum.
Bitcoin has recently defined is intended direction recently after multiple failures in the $9300 range. Initially spiking up to $9330 before catching a $100 spike down south, price ended up recovering from the $9160 range ($9160-$9330). Nearly a $200 'rocket'. Not bad huh? The only problem is that bulls have used their energy only to get denied at the same area.
It may be slow, it may be choppy but value is headed south. The Bullish Exit Route that I've outlined pushes all the way down to $8719. $8900 also looks like a good area for a possible bounce and I do anticipate a quick jump up but only to get denied again near $9150. From here we should continue to push down toward $8719 and likely form a double bottom here.
The $1000 FOMO Rocket from $8700 to $9777 will ring off bells and whistles for bulls that are eager (and delusional). What else could 777 indicate, right? JACKPOT (for markets anyway).
I expect price action to be slow, stagnant and lingering as bulls that are late continue to load up their longs. When the momentum gasses out and price does drop, it should be quick and painful. I do have a wild imagination I guess.
The most ultimate Bitcoin setup has been underway since $10.5K. It's human nature to want price to drop FAST but naturally, it's just not the way that price action works. This is actually great for some people, it gives you time to adjust, do your due diligence and move in the direction of defined momentum.
Bitcoin has recently defined is intended direction recently after multiple failures in the $9300 range. Initially spiking up to $9330 before catching a $100 spike down south, price ended up recovering from the $9160 range ($9160-$9330). Nearly a $200 'rocket'. Not bad huh? The only problem is that bulls have used their energy only to get denied at the same area.
It may be slow, it may be choppy but value is headed south. The Bullish Exit Route that I've outlined pushes all the way down to $8719. $8900 also looks like a good area for a possible bounce and I do anticipate a quick jump up but only to get denied again near $9150. From here we should continue to push down toward $8719 and likely form a double bottom here.
The $1000 FOMO Rocket from $8700 to $9777 will ring off bells and whistles for bulls that are eager (and delusional). What else could 777 indicate, right? JACKPOT (for markets anyway).
I expect price action to be slow, stagnant and lingering as bulls that are late continue to load up their longs. When the momentum gasses out and price does drop, it should be quick and painful. I do have a wild imagination I guess.
Trade closed manually:
The drop to $8700 never came through and bulls have found great support near $9600. The short at $9777, while it sounded good - will not be a great idea. Bulls will be bulls and push this from $9777 to nearly $10K. Look for short opportunities there.
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