Argument for Boom...
- whales can manipulate on low volume and cause a fomo rally
- Support of weekly 70 ema (I use 70 as bitcoin trades 7 days a week)
- nice bounce from .618 retracement of recent pullback
- most recent price action moving in bull flag with target $20k +
- market in overall weekly uptrend
Argument for bust...
- low volume and hype surrounding crypto
- bitcoin fundamentally still pretty useless
- reaction to weekly .618 retracement level at $13k
- we could be working on elliot wave C to the downside
- most recent price action forming potential head and shoulders targeting sub $1k. neckline around .618 level.
I am currently hodling a small portfolio and looking to add to that. I expect the market will decide around the end of the year.
- whales can manipulate on low volume and cause a fomo rally
- Support of weekly 70 ema (I use 70 as bitcoin trades 7 days a week)
- nice bounce from .618 retracement of recent pullback
- most recent price action moving in bull flag with target $20k +
- market in overall weekly uptrend
Argument for bust...
- low volume and hype surrounding crypto
- bitcoin fundamentally still pretty useless
- reaction to weekly .618 retracement level at $13k
- we could be working on elliot wave C to the downside
- most recent price action forming potential head and shoulders targeting sub $1k. neckline around .618 level.
I am currently hodling a small portfolio and looking to add to that. I expect the market will decide around the end of the year.
Comment:
Price has broken below the neckline of the head and shoulders, the .618 and the weekly 70 ema. Things are not looking great for the bulls.