Bitcoin Update : Healthy weekend profit taking
Hello guys.
Many traders were waiting for a good point to take profits of that huge bull run of bitcoin. Now we are almost quasi certain that correction is over, as the buy pressure is huge.
Last night I wasn't very certain of where things were heading, but I called on the trading view chat top at 10300 approx, which corresponds to my trend line. I didn't post this, because others traders had drown lines towards 11.5k, so I was definitely in an uncertain position and found myself almost alone with that opinion. But now with a head and shoulders forming, I'm almost certain we will retrace a little bit today.
People fomoed anticipating 16 february and expected china to buy back. But, if I was Chinese, would I really wait for chinese new year to buy bitcoin at a higher price, or I buy it at discount ?
So our uptrend has already factored everything, and if everything is healthy, a pull back is needed to respect this channel.
However buying pressure is so huge, and there are still people fomoing, so I'm not sure bitcoin will hit 9000 today, but rather 9400 ish.
I set a buy order around that.
Good luck
Many traders were waiting for a good point to take profits of that huge bull run of bitcoin. Now we are almost quasi certain that correction is over, as the buy pressure is huge.
Last night I wasn't very certain of where things were heading, but I called on the trading view chat top at 10300 approx, which corresponds to my trend line. I didn't post this, because others traders had drown lines towards 11.5k, so I was definitely in an uncertain position and found myself almost alone with that opinion. But now with a head and shoulders forming, I'm almost certain we will retrace a little bit today.
People fomoed anticipating 16 february and expected china to buy back. But, if I was Chinese, would I really wait for chinese new year to buy bitcoin at a higher price, or I buy it at discount ?
So our uptrend has already factored everything, and if everything is healthy, a pull back is needed to respect this channel.
However buying pressure is so huge, and there are still people fomoing, so I'm not sure bitcoin will hit 9000 today, but rather 9400 ish.
I set a buy order around that.
Good luck
Comment:
If it drops now, means our channel is correct. If it breaks that channel, we have to draw another channel
Comment:
Looks like it's respecting the channel. But my sentiment is going towards market manipulation at the moment. Big dips are in the past now, there's probably one coming around 12000.
Let's see how it develops
Let's see how it develops
Comment:
It's funny, because from the way it looks, it seems we're still on the channel even if we broke