Hey fellow traders.
The sell pressure has been mighty intense lately. We had a stop hunt for longs and shorts making this market pretty tough to determine which way it wants to go. Thus, making it hard to base trades off of. Lets take a look at the long term overall perspective of BTC. Looking at the monthly chart, we reached the 13MA. Its common to assume that BTC must keep going higher and higher during a bull market. What nobody looks at is the monthly macro look of BTC. Everytime we have reached the 13MA we get a strong rally, possibly triggering the algoes. We also seem to have pulled right back above the 61.8 golden fib, stopping out stops placed just below it. If we can hold the 61.8 golden fib, BTC could possibly see a push to new higher-highs
Furthermore, I also would like to point out we are getting a cross of the 13 and 21 moving averages, which previous history points to further movements to the upside. Now I'm no firm believer that if a indicator says its a buy it means its an absolute bu. I don't believe markets react to indicators but yet indicators react to markets. Thus why I don't use them very often. There has been lots of fear and fud spread through btc lately about miners capitulating (which makes it a great time to accumulate). Look out because we may have reached a bottom.
As for the bearish scenario, now would not be a good time to short as I think we could see a massive stop hunt before further movements to the downside because technically we are still in a bearish trend. Don't let anyone tell you otherwise until we can see a higher-low forming or preferably a break to a higher-high.
- Meta
The sell pressure has been mighty intense lately. We had a stop hunt for longs and shorts making this market pretty tough to determine which way it wants to go. Thus, making it hard to base trades off of. Lets take a look at the long term overall perspective of BTC. Looking at the monthly chart, we reached the 13MA. Its common to assume that BTC must keep going higher and higher during a bull market. What nobody looks at is the monthly macro look of BTC. Everytime we have reached the 13MA we get a strong rally, possibly triggering the algoes. We also seem to have pulled right back above the 61.8 golden fib, stopping out stops placed just below it. If we can hold the 61.8 golden fib, BTC could possibly see a push to new higher-highs
Furthermore, I also would like to point out we are getting a cross of the 13 and 21 moving averages, which previous history points to further movements to the upside. Now I'm no firm believer that if a indicator says its a buy it means its an absolute bu. I don't believe markets react to indicators but yet indicators react to markets. Thus why I don't use them very often. There has been lots of fear and fud spread through btc lately about miners capitulating (which makes it a great time to accumulate). Look out because we may have reached a bottom.
As for the bearish scenario, now would not be a good time to short as I think we could see a massive stop hunt before further movements to the downside because technically we are still in a bearish trend. Don't let anyone tell you otherwise until we can see a higher-low forming or preferably a break to a higher-high.
- Meta
Comment:
UPDATE! STILL IN PLAY!