On chain data indicates that whales and small fish are buying.
Risk is in macro environment:
CPI is higher than expected
Rumors of Russia will invade Ukraine
I think the invasion rumors are bullshit.
FED minutes tomorrow, I doubt they will raise rates higher than the market expects them to (.25 or .5), so it might already be priced in.
Bitcoin is forming what might be an inverted head and shoulder.
If the pattern materializes, then the target is around $57000 in 21 days (half the duration of the inverted head and shoulder) with a probability of 83%.
I want to get in before pattern completion and tomorrow's potential volatility, which is arguably risky.
I am taking the risk because onchain data is very bullish.
Risk is in macro environment:
CPI is higher than expected
Rumors of Russia will invade Ukraine
I think the invasion rumors are bullshit.
FED minutes tomorrow, I doubt they will raise rates higher than the market expects them to (.25 or .5), so it might already be priced in.
Bitcoin is forming what might be an inverted head and shoulder.
If the pattern materializes, then the target is around $57000 in 21 days (half the duration of the inverted head and shoulder) with a probability of 83%.
I want to get in before pattern completion and tomorrow's potential volatility, which is arguably risky.
I am taking the risk because onchain data is very bullish.