BTC - Hard to Be Bearish Over 86k
Not much to point out here, everything from last week still in play. Our trade from 70k is getting close to T2 and there is not much to do here but let it play out.
Starting to get the moon-boy shouts now, they have suddenly risen from the dead and they are followed up by the overly cautious traders who talk a lot of S#$% but don't make money and seldom have good trades.
For me it is simple, I can not be bearish over 86k here. Hard to be bearish when we have a solid 5-6 days of consolidation at this level. This is generally a continuation sign not a reversal signal. Now can it reverse? Sure but unless we start taking out support, at 86k, it is hard to be bearish.
Daily Chart:
Daily candles show a decent consolidation here where buyers are buying any dips, but there are still some sellers around the 90k area.
Generally when you get to a key level like 90k or 100k, if the market is overpriced it runs out of buyers quickly and sellers head for the exit. Not seeing that here so as long as we hold 86k I am bullish.
Not going to care about patterns that show up here, trend, momentum, atmosphere, is all bullish but not overly bullish enough for me to be worried about over bought conditions here.
So for now simply letting our trade play out, and looking for any pullback and setup for new longs.
Starting to get the moon-boy shouts now, they have suddenly risen from the dead and they are followed up by the overly cautious traders who talk a lot of S#$% but don't make money and seldom have good trades.
For me it is simple, I can not be bearish over 86k here. Hard to be bearish when we have a solid 5-6 days of consolidation at this level. This is generally a continuation sign not a reversal signal. Now can it reverse? Sure but unless we start taking out support, at 86k, it is hard to be bearish.
Daily Chart:
Daily candles show a decent consolidation here where buyers are buying any dips, but there are still some sellers around the 90k area.
Generally when you get to a key level like 90k or 100k, if the market is overpriced it runs out of buyers quickly and sellers head for the exit. Not seeing that here so as long as we hold 86k I am bullish.
Not going to care about patterns that show up here, trend, momentum, atmosphere, is all bullish but not overly bullish enough for me to be worried about over bought conditions here.
So for now simply letting our trade play out, and looking for any pullback and setup for new longs.
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