Since the 15% spike last week that shook out many short positions (14000 BTC got liquidated in 5min) bullish thoughts have startied to come back to the market.
Many traders here on TV suggest we already broke the downtrend - which is clearly NOT the case when you look at the big picture on the logarithmic scale. We'd have to break and stay well above 9k at the moment to finally be able to break the longterm-trend.
Since sochastic RSI shows overbought characteristics on the daily chart and volatility is dropping, I expect a bearish pattern for the coming days until new bulls will enter the market in the next dip.
Be careful to open new positions as the trend is still undecided. Have a happy and successful week :)
Someone dumped 9M worth on GDAX all in one shot last night. With the low volume, that sent the price down quickly.
tammy007
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@Box1515, dumb money absorbing all the massive shorts well in anticipation of more price rise....
cscarpa
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I think wie will finally get out of the woods soon though. Smart money from institutional investors is entering the market and the next real run is bound to start soon imo
tammy007
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@cscarpa, all the talks of Institutional Money is BS.if IM wants to invest nobody will know...They wont declare it before and allow to go price higher on that news...
cscarpa
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@tammy007 why do you think the media is turning bullish on crypto again... simple question... simple answer...
cscarpa
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i really doubt that we will go sub 6k again
tammy007
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@cscarpa, why you think so? every asset goes through cycles...what made you believe that an asset which was below 1K last year with No real use can't go below 6k? its really ammeter to think that way!
There is hype around BTC since many many years and people keep on buying each other BTC at higher price but once the price stalls for few months as there is no new retail money coming in, Whales sitting on massive profits will puke it all and i wont be surprised to see it below 1K again. Sounds impossible but very much on cards!