I really doubt that this bounce will be different than others... It will probably be a dead cat and follow the previous pattern ( go to 6k, a bounce and then go back to 6k and bounce a bit lower than the previous bounce...). Also, look how the 200 daily sma has been a strong resistance in the last few months. There is low probability that this bounce break this pattern and the 200 daily sma (but if bitcoin do so then it would be a strong signal for the beginning of a new bull market). We don't have enough volume and hype and I really don't think we're over with this bear market. This market is still very bearish to me and I still think we'll break 6k soon.
Also, if you take a look at the RSI, you can see that it will be overbought really soon.
Go check my other ideas in the ''Link to Related Ideas'' section bellow if you want more details about what I just said.
Stay tuned for more updates,
Fred
Also, if you take a look at the RSI, you can see that it will be overbought really soon.
Go check my other ideas in the ''Link to Related Ideas'' section bellow if you want more details about what I just said.
Stay tuned for more updates,
Fred
Comment:
One more thing. If you draw a resistance line from the top at 12k we got in march, connect it to the last two tops at 10k and 8.5k and extend this line to the date of today, you'll have another really good reason not to buy bitcoin now. If you are too lazy to draw it on a chart, well this line is around 7.65k at the moment. we are at 7.35k now...
Trade active:
The target to 6k has been almost achieve. Way quicker than expected tho, bitcoin lost near 15% today.
