Bitcoin rejected from 67k, 1k shy from my previous target. TOTT kicked me out at 63152.65 as i tweeted in real time. Nice catch so far, but i should have taken profits earlier before TOTT, next time i'll do that.
As per technicals, 8 hours in to the weekly close, Bitcoin is trading right below the weekly open at 61532.17 forming a doji candle. This looks bearish and suggests more downside, however we have an accumulation type structure above 60k that suggests the opposite!
If we break above 61.530, our next target will be 69-70k and we may get another reaction there where i'll be looking to take profits!
To the downside, 60k is holding as an important level where the point of control is. If it breaks below 60k, our next target will be 56.550 per the weekly 0.382 fib levels.
I'm back in 30% at 60k based on this accumulation type structure. The rest will be TOTT's call.
i got the same idea yesterday about BTC. Actual price/volume characteristics point to another reaccumulation. Market makers are holding the line, and every time price is coming up too far there is stopping volume to keep the price in the range. They are probably building longs right here at 60k. Shorting/selling from here is in my opinion is already dangerous now. BTC might drop a little more, but in the end this will quite likely go higher again. Right now volume in the dips is still too high. Once volume has dried up we might see the next move. Bears are already calling for 50 k or even lower again, but this is not early May.
rockruu
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What's TOTT?
nestorador
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@rockruu, Teacher on the Trail! 😁👨🏫 Think of this thing ;)
Thanks as always for this. I think known has called for 55k then 74k. How are you going with your 100k goal?
BitcoinMillio18
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@MusicManDude, my goal is 144k, checkout my pnf analysis.
nestorador
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That's not a spring, that's killing shorts. That's not LPS, that's killing longs. That's not a downtrend coming, but another killing longs and building better entry. TOTT :-)
Shorting/selling from here is in my opinion is already dangerous now. BTC might drop a little more, but in the end this will quite likely go higher again. Right now volume in the dips is still too high. Once volume has dried up we might see the next move. Bears are already calling for 50 k or even lower again, but this is not early May.