Bitcoin Fake Out
Updated
There's been a lot of flattening going on in the crypto charts, with Bitcoin leading the way. Having already surpassed it's own MA, EMA, and BB mid-line 3 times in the noted indicators and patterns, I believe it still has one more low before it breaks out in a post-correction.
In my opinion, the current increase is nothing more than a fake-out and it looks like the bulls are about to be trapped in a web of disappointment --tiny under-performing candles included. Playing around in the middle of the ring has not turned out to be a good sign twice before and what appears to be currently going on. Unless there are some long green candles that significantly close above all three of my noted indicators, I don't see Bitcoin avoiding a fall and retesting some previous supports.
Best to hang on to your hats and fiats in the meantime.
In my opinion, the current increase is nothing more than a fake-out and it looks like the bulls are about to be trapped in a web of disappointment --tiny under-performing candles included. Playing around in the middle of the ring has not turned out to be a good sign twice before and what appears to be currently going on. Unless there are some long green candles that significantly close above all three of my noted indicators, I don't see Bitcoin avoiding a fall and retesting some previous supports.
Best to hang on to your hats and fiats in the meantime.
Comment
I'm thinking BTC will reach around $11 000 before it drops to $10 300 and makes the next big move from there.
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