I know this will hit a lot of moonapes on the nerve, yet this is a potential set up that I think might play out, especially when looking at how more and more bullish news get more inflows to exchanges and supply is edging over demand over the last few weeks.
But. The RSI is making lower highs, the chart is more and more looking like distribution, and we're way overbought on the monthly as well, coming up 3 waves of up and down across 90 rsi already.
What I think is crucial to keep an eye out is - if we see a break to the upside and hit 60k , what the reaction is going to be, how much supply will come in the market again, and , on the more dangerous side, how much supply will come into the market if we hit the middle of the trading range around this time next week. I am aware of the fact that we've been super bullish ever since the pandemic hit, and most of the months were green, yet if we are to continue moving upwards and according to the S2F model, we might first see a bigger reaction , shake out a lot of weak hands, and then come roaring back up.
Would be interested to hear opinions on what you guys think, let me know.
But. The RSI is making lower highs, the chart is more and more looking like distribution, and we're way overbought on the monthly as well, coming up 3 waves of up and down across 90 rsi already.
What I think is crucial to keep an eye out is - if we see a break to the upside and hit 60k , what the reaction is going to be, how much supply will come in the market again, and , on the more dangerous side, how much supply will come into the market if we hit the middle of the trading range around this time next week. I am aware of the fact that we've been super bullish ever since the pandemic hit, and most of the months were green, yet if we are to continue moving upwards and according to the S2F model, we might first see a bigger reaction , shake out a lot of weak hands, and then come roaring back up.
Would be interested to hear opinions on what you guys think, let me know.