This movement reminds me of the dead volatility during 6k...
Personally speaking, I dont quiet like the movement of BTC here.
It reminds me a lot off the no volatility period at 6k before the fall. It's waiting for daily 50 MA to drop, once price hits it, price could collapse again, that's what it did at 6k. (If you back test, you can see that price tried breaking above 50MA twice, it failed, then just waited for 50MA to drop until it hits the price, and confirm itself as resistance)
Also, in the speculative space, the market is net long, by 40%, which is quiet a lot, it's always been net short for so long. Now you can read this as 2 things: 1) R/R is in Shorts favour, as the crowd is long, and shorts are at an RSI of 30 and really low in general or 2)Bears are exhausted and the brains behind the market have turned net long.
I'm a bit bearish, but not with a lot of conviction, is hard to be when volatility is so low and everything is 50/50. But that 50 MA has to be tested, and confirmed as support, with strong volume to not be bearish hand close my shorts (which more than half of them are hedges for my alts btw)
Just FYI, this is not financial adivce, it's just my opinion on what I think the market looks like :)
And as always, if you liked the bits and bobs of info in here, please... press the like bottom so I know
Best of luck out there guys
It reminds me a lot off the no volatility period at 6k before the fall. It's waiting for daily 50 MA to drop, once price hits it, price could collapse again, that's what it did at 6k. (If you back test, you can see that price tried breaking above 50MA twice, it failed, then just waited for 50MA to drop until it hits the price, and confirm itself as resistance)
Also, in the speculative space, the market is net long, by 40%, which is quiet a lot, it's always been net short for so long. Now you can read this as 2 things: 1) R/R is in Shorts favour, as the crowd is long, and shorts are at an RSI of 30 and really low in general or 2)Bears are exhausted and the brains behind the market have turned net long.
I'm a bit bearish, but not with a lot of conviction, is hard to be when volatility is so low and everything is 50/50. But that 50 MA has to be tested, and confirmed as support, with strong volume to not be bearish hand close my shorts (which more than half of them are hedges for my alts btw)
Just FYI, this is not financial adivce, it's just my opinion on what I think the market looks like :)
And as always, if you liked the bits and bobs of info in here, please... press the like bottom so I know
Best of luck out there guys
Comment:
so far, following the scenario I mentioned
Comment:
A lot of stop runs going on.