Too much optimism and hope in the market for a recovery. Technical indicators don't support this FOMO run. EUR/USD does not either. Apart from that nothing much to trigger a run. Institutional investors? You gotta be kidding yourself to think they are going to buy under these conditions. It was a short squeeze taken too far by long waiting spectators who got bored waiting and jumped on what they thought is a sign of reversal. Unfortunately, little did they realize that this recent pump has only accelerated the fall amidst overbought conditions. Long term, I'm optimistic about that $25,000+ end of the year price. Short term, more blood to come. Brace yourselves!
Comment:
So, most people who are chasing the price here are justifying themselves with unreasonable arguments like, "Maybe Bitcoin is overbought short term but there is no way the price will fall lower without the bulls buying". Now, let me tell you this. If you have been around for long, you know that we thought the same thing at $15k and then at $10k. To those who bought near the top, $15k would have appeared the best deal out there. The same goes for people who bought at $10k. They said, "no one would let the price fall below $8k. It's too good a price to buy." Well, guess what, it happened, didn't it? So, my point here is that it is a stupid argument that you make trying to justify a poor trade. Don't chase the price. Be patient.
Trade active:
T1 $6800
Comment:
If Satoshi Nakamoto himself called me and said, "Bitcoin is going to 10k from here", I would not buy under these conditions when the charts are telling me otherwise. Technical analysis takes precedence, always.
Comment:
The only question now is, "When is it gonna get off its high horse?"
Comment:
Most likely scenario is: Bitcoin falls down to 6700, tries to rise above 7000 briefly, falls back towards 6000.
Comment:
OMG the FOMO is real. People never learn. This rally is UNSUSTAINABLE. Don't chase it!
Comment:
Watch out for "FUD" over the weekend. Probably a ban, raid or something to do with Ripple, EOS or Tether, a strong catalyst to trigger the pullback. We'll see. Stay safe.