Bitcoin is starting to feel like a coiled spring. Bears have gotten some balls to short these levels and the big boys are accumulating. I don’t think we’ve seen the end yet. One more quick dive down might be helpful in the long run to close out some leveraged longs before taking the next step, but a flash downward met with heavy buying would be a signal to me that $100K+ is still in the cards for 2021.
In the midst of a pennant snap for sure I would say. Its going to have to break $35,000 to get to $38,000 and going the other way it will need to get past $28,000 to get to $25,000. A flash crash under $27,500 would close that shoulder and certainly add fuel to the fire for aother all time high potentially this year. It could go the other way as well, the dip under $30,000 is not recovered from and we slide into a prolonged bear market until the next halving. Its a thin flip either way in my opinion. Where the train is going long term should be obvious to any who care to take a look.
I doubt that your technical analysis adequately accounts for the power of the various underlying bitcoin price models.. especially your assertion that we would go back into a long bear market based on the conditions that you describe.. seems to me that even if we were to visit sub $25k would not necessarily cause a strong conclusion that the top of $64,895 for this particular cycle is all the top that we are going to get for this calendar year.
Conclude what you like...
Bitcoin is starting to feel like a coiled spring. Bears have gotten some balls to short these levels and the big boys are accumulating. I don’t think we’ve seen the end yet. One more quick dive down might be helpful in the long run to close out some leveraged longs before taking the next step, but a flash downward met with heavy buying would be a signal to me that $100K+ is still in the cards for 2021.
I agree with that assessment too, and even though I understand that there is justification for long squeeze incentives but I still have trouble concluding that down before up is necessary, even if there may well be a sufficient number of levered longs justifying such a squeezening.
From 60K+ to now, I though it was going down, and it did. Now, it is resisting so much and it's so hard to make it go down sub 20K$ that I am turning bullish. I am close to capitulating so maybe it is actually a bearish sign and it will end up going down.
If there are terrible economic news and a credit crunch, it will go down.
You are making a real strange set of statements, boumalo. First, you supposedly knew (or had a feeling) that we were going down 50%, and then we did? Second, you thought that the BTC price was going to go down more but it does not want to, Third, you have been wanting to sell your BTC for so long, but so far you have not, yet even though you are feeling both bearish and bullish at the same time, you are considering selling your BTC at the sign of any further DOWNity.
You really sound like a guy with weak hands, even though I do understand that I may well be misunderstanding some of the sentiments of what you are seeming to be contradictorily saying.
The non transitory inflation will get worse in the US and the FED is likely to keep kicking the can down the road to save time and the system rather than to fight it but if it does fight inflation with huge interest rates, it will be ugly and a blood bath. Make your bets.
Seems doubtful that they are going to do that... but I suppose, never say never.
Anyway, nothing left to do but hang on bitches and see what tomorrow brings.
Does not seem that dramatic.
We have largely been consolidating for two months... There might be a break out and there might not.... don't see how any of us would know either way.. until maybe getting some movement outside of the $28k to $38k range.., perhaps? Perhaps? Who knows what numbers would be needed in order to cause actual momentum rather than ongoing failure/refusal to break in either direction?
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