The battle of the Crypto bull and bear continues
The battle of the Crypto bull and bear continues
We witnessed around a 17% climb on BTC this week, which to some is a glimmer of hope and to others simply nothing.
For ourselves, not much has necessarily changed since our last update where we covered BTC’s strong weekly break and closure of the $40,000 support and rejection of the $44,000 handle would naturally bring an incentive for the bulls to drive price back into this territory to validate the continued pressure being applied by the bears.
With the initial phase of this retest now complete, there’s little to do besides await price action around this crucial zone. The weekly candle’s do not close until tomorrow evening, yet excitement is already brewing from market participants watching the daily movements and considering this a huge surge.
When the same size movement happens to the downside, it’s “just a dip”, but when the same move happens to upside all rationality and composure is lost and the narrative returns to “bull run”
Avoid being caught up in the mess and remember the higher-timeframes are not proposing the same bullish viewpoint that one can see on the daily TF and lower. As shown here on the Charting Dashboard, mixed signals are being presented across the board, but overall this upside push is minuscule and nothing worthy of excitement.
A lot is currently going on in the world... BTC has proven at the time it was meant to be depended on the most it failed as a store of value, whereas ‘real gold’ showed quite the opposite outcome. It comes as a humble reminder that this market is not fundamentally-driven, it’s purely speculation and little interest is being presented from new participants. Overall it’s the existing entities controlling the market and the technicals we projected are playing out nicely. It seems at present to be another bull trap, keep that in mind...
Bullish momentum continues to come in for the short-term, only to bleed much lower after each intraday pump fulfils a higher timeframe swing and retest of resistance before new lows continue being presented.
Next week will be interesting.
Do not ignore the warning signs, await confirmation
We witnessed around a 17% climb on BTC this week, which to some is a glimmer of hope and to others simply nothing.
For ourselves, not much has necessarily changed since our last update where we covered BTC’s strong weekly break and closure of the $40,000 support and rejection of the $44,000 handle would naturally bring an incentive for the bulls to drive price back into this territory to validate the continued pressure being applied by the bears.
With the initial phase of this retest now complete, there’s little to do besides await price action around this crucial zone. The weekly candle’s do not close until tomorrow evening, yet excitement is already brewing from market participants watching the daily movements and considering this a huge surge.
When the same size movement happens to the downside, it’s “just a dip”, but when the same move happens to upside all rationality and composure is lost and the narrative returns to “bull run”
Avoid being caught up in the mess and remember the higher-timeframes are not proposing the same bullish viewpoint that one can see on the daily TF and lower. As shown here on the Charting Dashboard, mixed signals are being presented across the board, but overall this upside push is minuscule and nothing worthy of excitement.
A lot is currently going on in the world... BTC has proven at the time it was meant to be depended on the most it failed as a store of value, whereas ‘real gold’ showed quite the opposite outcome. It comes as a humble reminder that this market is not fundamentally-driven, it’s purely speculation and little interest is being presented from new participants. Overall it’s the existing entities controlling the market and the technicals we projected are playing out nicely. It seems at present to be another bull trap, keep that in mind...
Bullish momentum continues to come in for the short-term, only to bleed much lower after each intraday pump fulfils a higher timeframe swing and retest of resistance before new lows continue being presented.
Next week will be interesting.
Do not ignore the warning signs, await confirmation