sachu_blessyou

Something to consider when it comes to Bitcoin

Short
COINBASE:BTCUSD   Bitcoin
With all this bullish sentiment, it's important to remember the overall market structure, and the fact that we're currently right at the golden ratio. Starting off with market structure, we would have liked to see higher highs being made, alongside higher lows to be bullish. But we have received a mix of lower lows and higher highs. Giving an overall mixed signal when it comes to the overall market structure. I see a lot of bullish sentiment, but you have to remember we just had a major wick up, which has exhausted a lot of the longs. Based on the Fibonacci levels taken from the last high to the last low, we are also sitting right at the golden ratio. Which is usually where price begins to retrace back down. Take into consideration that we are at a major area of resistance, alongside the fact that most longs have been exhausted, and the overall market structure is uncertain. My longterm view of Bitcoin is still bullish, but be careful to not get caught in the fomo. I expect to see price retrace down before continuing it's upward trend.
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