$BTC - Deviation Central with 50K scaring BTC
Firstly I still think the bigger picture is bullish, 500 CEO's attended Michael Saylors conference today (CEO of Microstrategy) with interests of buying BTC
He is looking to purchase another $600 million also
BUT
The chart does reek somewhat, we have a rising bearish wedge formation, which forms higher highs and higher lows, but we had one previously in this bull market and it broke to the upside of it, same with ETH so for me thats less of a concern right now
The green lines outline the range in play right now. Initially we deviated out the bottom, change of hands of bitcoins, then a push to the top, consolidation under range high, then a deviation above the range - 'bull trap' you might call it
Quick drop followed, liquidity grab (bullish), another move out the top of the range. Became a deviation though, fell back in as 50K area sell wall was too strong
Right here we look to be moving back out the range, which must hold
If not head and shoulders with kneckline $47,750 is likely to play out giving us a bearish push definitely to the mid range, maybe range low - which will bring alts down too no doubt.
Overall: Fundamentals bullish, 50K very strong resistance, want to hold above range high or fall is very likely!
He is looking to purchase another $600 million also
BUT
The chart does reek somewhat, we have a rising bearish wedge formation, which forms higher highs and higher lows, but we had one previously in this bull market and it broke to the upside of it, same with ETH so for me thats less of a concern right now
The green lines outline the range in play right now. Initially we deviated out the bottom, change of hands of bitcoins, then a push to the top, consolidation under range high, then a deviation above the range - 'bull trap' you might call it
Quick drop followed, liquidity grab (bullish), another move out the top of the range. Became a deviation though, fell back in as 50K area sell wall was too strong
Right here we look to be moving back out the range, which must hold
If not head and shoulders with kneckline $47,750 is likely to play out giving us a bearish push definitely to the mid range, maybe range low - which will bring alts down too no doubt.
Overall: Fundamentals bullish, 50K very strong resistance, want to hold above range high or fall is very likely!