I am completely bearish on BTC and will be for a while. In the past 12 days BTC has gone from 6k to 11.3k, why? There could be a few reasons such as ONE person buying $400 million ( 41,000 ) BTC from the 9th to the 12th which sparked this uptrend, mixed in with the hype in the media, ex: Ellen Degeneres introducing BTC on her TV Show introducing a pool of new customers to the Crypto Market, and then the most important factor, Fear of Missing Out aka FOMO. Sure we are on an uptrend right now, but what happens when that person who has a total BTC worth of 96,000 BTC decides to dump it and take his profit, or when all those new people that bought into BTC at 10k+ because of hype panic sell because BTC starts to drop? Prices are going to drop hard and fast and we will ultimately end up back on the downtrend that has been happening since late December. Volume has been decreasing, MACD is crossing again, RSI is already approaching the overbought area, Bollinger bands are tightening and now pointing downwards, and the Ichimoku Cloud indicator is showing the Tenkan line and the Kijun line are crossing again which signals a reversal is about to happen. Not trying to spread FUD but when all these indicators are signaling a reversal/drop I would rather miss out on profits than fall for a bull trap and lose money. Trade carefully!
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Oh and I'll be making another chart with the supports/channels. The last one wasn't wrong, it's what would have happened (approximately) if the purple lines were broken but this random bull trap happened and hype kicked in haha.
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Meant to post that