BTC: ANOTHER RETRACE COMING? (BEARISH IDEAS)
While we have been getting some recent relief on lower timeframes, bearish ideas still outweigh the bullish, unless BTC manages to break and hold above 40k.
The simplest and most significant indicator for further downside is that volume has gone down during this recent recovery.
On chain analysis shows that as of a few days ago, long term hodlers have been accumulating, but whales were still selling. Consistent sell orders have driven the price steadily downwards towards more attractive entry points as they try to get as many retail traders to capitulate as possible.
Perhaps the decrease in volume on this recent rally suggests that the whales are giving retail a hit of hopium before they crush our dreams of a swift recovery & takeoff to 70k & beyond. This is speculation, but it would not surprise me if BTC dumps promptly after breaking 40k and a bunch of buyers fomo in.
I'm not going to try to call the bottom. Short term, Obviously 35k and 30k are in the cards. Below that, look to 27k.
Perhaps the most bullish outcome would be for BTC to simply range between 30k & 40k for a month, which would make for a great alt season in June!
To be honest, I wouldn't mind another BTC retrace so I can scale back into BTC and ETH at better prices.
Right now I'm ~60% in Tether & focusing on short term scalp trades until the bulls show up for real.
happy trades,
CD
The simplest and most significant indicator for further downside is that volume has gone down during this recent recovery.
On chain analysis shows that as of a few days ago, long term hodlers have been accumulating, but whales were still selling. Consistent sell orders have driven the price steadily downwards towards more attractive entry points as they try to get as many retail traders to capitulate as possible.
Perhaps the decrease in volume on this recent rally suggests that the whales are giving retail a hit of hopium before they crush our dreams of a swift recovery & takeoff to 70k & beyond. This is speculation, but it would not surprise me if BTC dumps promptly after breaking 40k and a bunch of buyers fomo in.
I'm not going to try to call the bottom. Short term, Obviously 35k and 30k are in the cards. Below that, look to 27k.
Perhaps the most bullish outcome would be for BTC to simply range between 30k & 40k for a month, which would make for a great alt season in June!
To be honest, I wouldn't mind another BTC retrace so I can scale back into BTC and ETH at better prices.
Right now I'm ~60% in Tether & focusing on short term scalp trades until the bulls show up for real.
happy trades,
CD
