An interesting weekend for bitcoin so lets dive in.
Still in bear season as btc has not broken its clear downtrend. under almost all MA across time frames and heavy trend line standing in its way. This weekend we saw an attempted sell off which was quickly countered after breaching the 100B ($5800) market cap thresh hold and brought us above 6k again.
We have flirted with this level before, and it has become clear that we have some heavy hitters under that 6k line. and why not? there may be some incentive for large players to keep the market above 100B if they have significant futures exposure purely as a risk management play.
Shorts also had some significant moves over the weekend but most have re bought while longs slowly start to pile up.
No reason to take a long position here with so much resistance in the very near future. and I would not short as we may see another aggressive move at the 100B thresh hold.
that being said, bitcoin under 6k as a long term play inst a bad option, however we may have further downside before we break this trend if we fail in the next week or two.
Still in bear season as btc has not broken its clear downtrend. under almost all MA across time frames and heavy trend line standing in its way. This weekend we saw an attempted sell off which was quickly countered after breaching the 100B ($5800) market cap thresh hold and brought us above 6k again.
We have flirted with this level before, and it has become clear that we have some heavy hitters under that 6k line. and why not? there may be some incentive for large players to keep the market above 100B if they have significant futures exposure purely as a risk management play.
Shorts also had some significant moves over the weekend but most have re bought while longs slowly start to pile up.
No reason to take a long position here with so much resistance in the very near future. and I would not short as we may see another aggressive move at the 100B thresh hold.
that being said, bitcoin under 6k as a long term play inst a bad option, however we may have further downside before we break this trend if we fail in the next week or two.