ikdavis

BTC Retracement to 6,000 - before the next bull run

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As you can see, BTC has gained a lot of selling pressure over the last few days. Perhaps due to bigger participants taking profits after we hit the psychological number of 9,000.
The ADX shows buyers are starting to gain dominance, indicated by the red line crossing the green line. And volatility is starting to pick up.

Furthermore, i have taken a previous move from the last major bullrun which is a mirror image of the current move.
History tends to repeat itself.

Furthermore, this matches up with a 50-61.8% retracement.

For even more confluence this would tap the psychological number of 6,000.

I will be cashing out my BTC into stable coins for the meantime, before a rentry after more confluence.

As it is still possible this could be a major fakeout, even though that is unlikely, i like to consider all options.

Conclusion -
Bearish momentum to the downside (6,000) before a nice upside move.

BULL MARKETS ARE BUILT ON BEAR BLOOD.

BEARS WILL BE SELLING SELLING SELLING. THE MASSES WILL FOLLOW...
THEN THE BULLS COME BACK TO FIGHT.

Happy trading.
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