Argument for Boom... - whales can manipulate on low volume and cause a fomo rally - Support of weekly 70 ema (I use 70 as bitcoin trades 7 days a week) - nice bounce from .618 retracement of recent pullback - most recent price action moving in bull flag with target 20k + - market in overall weekly uptrend
Argument for bust... - low volume and hype surrounding crypto - bitcoin fundamentally still pretty useless - reaction to weekly .618 retracement level at 13K - we could be working on elliot wave C to the downside - most recent price action forming potential head and shoulders targeting sub 1k. neckline around .618 level.
I am currently hodling a small portfolio and looking to add to that. I expect the market will decide around the end of the year.
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Price has broken below the neckline of the head and shoulders, the .618 and the weekly 70 ema. Things are not looking great for the bulls.