BTCUSD - Path to new highs 2 or Correction looming? Crossroads+
Currently, we seem to find ourselves at a crossroad yet again. Is this truly a path to new highs? Yes, overall Market Cap has greatly increased, that is a clear given. Is institutional money already pumping futures-like volume in this sector? Yes, but haven't they already been doing that all year? Regardless, I digress. the blast through $8k is anything but a blast, mere poke at best, at least at time of writing this. Will tonight prove to be a solid breakthrough of the over-mentioned level? Time will tell.
At the moment as well, we note that many technical strategists are calling this the B wave of an ABC correction stemming down from the previously established ATH* on "no 2x" day. By that logic, we should see (sooner or later) a C wave coming down from here... or so they think.
If we go by the technicals, we see a clearly an overbought reading regarding the longterm picture. However, Bitcoin has proven time and time again that the technicals only show a road map, not an exact GPS play by play. We have to be nimble and flexible. If we break through $8K with force, there is a clear buy signal that will emerge, from which we could initiate short term trades, and remain cautious of the overall overbought sentiment.
In the event that we do not cross $8K with force, would this classify to be a Double Top? Definitely something to monitor. We note further support levels at $7000, $6700, $6000, & $5500. The channel above has been extended from a previous analysis I did recently, not one I've posted, but a notepad I've kept handy for the recent near term trades I have been in/out of. I decided to extend it and let it play out given the fact that the recent "correction" was steep/quick and noted retracing back into channel depth.
Comments and questions always welcome.
At the moment as well, we note that many technical strategists are calling this the B wave of an ABC correction stemming down from the previously established ATH* on "no 2x" day. By that logic, we should see (sooner or later) a C wave coming down from here... or so they think.
If we go by the technicals, we see a clearly an overbought reading regarding the longterm picture. However, Bitcoin has proven time and time again that the technicals only show a road map, not an exact GPS play by play. We have to be nimble and flexible. If we break through $8K with force, there is a clear buy signal that will emerge, from which we could initiate short term trades, and remain cautious of the overall overbought sentiment.
In the event that we do not cross $8K with force, would this classify to be a Double Top? Definitely something to monitor. We note further support levels at $7000, $6700, $6000, & $5500. The channel above has been extended from a previous analysis I did recently, not one I've posted, but a notepad I've kept handy for the recent near term trades I have been in/out of. I decided to extend it and let it play out given the fact that the recent "correction" was steep/quick and noted retracing back into channel depth.
Comments and questions always welcome.