Short and Long scenarios (will correction catch up with FOMO?)
5k was a big psychological barrier for a lot of traders and HODLers and when that barrier is broken a lot of minds shift to LONG positions and all the
leftover shorts that were held as collateral above the 5k mark were as they say REKT. As well as investors liquidating their Mid - High risk , Short - Mid term ALT coin positions and adding to their BTC position, which that seemed to have given us a lot of fuel to the 5300 mark (within hours as well). I believe if we do not smash that 5400 mark by the end of the day (currently about 4 P.M. here) we will have correction and or move sideways for a bit and let everyone recover from the FOMO mindset. In the case of correction no resistance points really stick out to me besides the obvious 5k point.... that being said I still have placed resistance lines from 5100-5300 and the important upside resistance at 5400.
As for the 5500 mark, I personally would like to see some LedgerX news or some positive regulatory news before I consider LONGing passed 5500. Although, their is the possibility if we break 5400 around the time other countries (not including the US) start to wake I would be leaning towards more of a bullish approach.
leftover shorts that were held as collateral above the 5k mark were as they say REKT. As well as investors liquidating their Mid - High risk , Short - Mid term ALT coin positions and adding to their BTC position, which that seemed to have given us a lot of fuel to the 5300 mark (within hours as well). I believe if we do not smash that 5400 mark by the end of the day (currently about 4 P.M. here) we will have correction and or move sideways for a bit and let everyone recover from the FOMO mindset. In the case of correction no resistance points really stick out to me besides the obvious 5k point.... that being said I still have placed resistance lines from 5100-5300 and the important upside resistance at 5400.
As for the 5500 mark, I personally would like to see some LedgerX news or some positive regulatory news before I consider LONGing passed 5500. Although, their is the possibility if we break 5400 around the time other countries (not including the US) start to wake I would be leaning towards more of a bullish approach.