BTC just had its first 3 day closure under the top BB for this bullrun. I think this is a good signal the market is a little bit tired and we are going to take the standard bull run visit to the weekly 21EMA. Historic Volatility is also getting very low and printing close to a zero (yellow flash) which is a signal that a big move is going to happen but does not hint towards the direction. Its not bearish long term but be careful entering longs over the next few days. We may touch ATH before the drop but i do not think ATH will be sustainable without picking up more ammunition around $13000.
It may not drop as low as $13000 due to the lack of supply and very high demand right now. Square is buying 30-40% of all BTC produced daily and PayPal is picking up the rest. Then you have institutions like Grayscale and Van Eck buying lots, so we may see a smaller retrace then previous bull runs.
It may not drop as low as $13000 due to the lack of supply and very high demand right now. Square is buying 30-40% of all BTC produced daily and PayPal is picking up the rest. Then you have institutions like Grayscale and Van Eck buying lots, so we may see a smaller retrace then previous bull runs.
Comment:
I think this is going to take a week or two to get to the target weekly 21EMA, it will bounce a few times but so far there are no signs that it will not go that low. Ive opened a short at $17500 and my first target is $16400 and second is $15800, depending on how it looks when we hit the first target, i may flip to a long and play the bounce with the goal of reopening the short around $17200.
Order cancelled:
We ended up going sideways after this but not down to the 21 weekly EMA. However it is looking like a possibility right now and it would be good to reset some indicators that are very close to calling a top (NUPL, DtD). Im still taking small longs at key supports for nice bounces and because its just as hard to call the bottom as the top.