BTC Update: Potential Rally
Hello again traders, this is an updated idea after watching BTC's development further. It seems the potential to rally and break this resistance is becoming more and more likely. BTC is consolidating very nicely at the top and is pressuring itself up for a break.
This is my opinion has a lot to do with the highest BTC withdrawal from exchanges occurring just a couple of days ago which set us up for this. I expected once we broke out of that initial downwards channel we would see a rally and If BTC manages to break this resistance, we can potentially see an even bigger rally the vast majority of people NEVER expected, which in my opinion would fit the narrative perfectly because this would catch everybody by surprise. I'm a firm believer the main narrative is more often than not incorrect and the bears seem to be losing their strength.
I would argue the vast majority of weak holders have already been shaken out and all that is left are LONG holders. They have room to further dip because they have been in for a very long time. This could be why we are seeing weaker sell-offs and less pressure downward. It's still early to call and the sell-off may resume, I just wanted to give an update. Happy Trading
This is my opinion has a lot to do with the highest BTC withdrawal from exchanges occurring just a couple of days ago which set us up for this. I expected once we broke out of that initial downwards channel we would see a rally and If BTC manages to break this resistance, we can potentially see an even bigger rally the vast majority of people NEVER expected, which in my opinion would fit the narrative perfectly because this would catch everybody by surprise. I'm a firm believer the main narrative is more often than not incorrect and the bears seem to be losing their strength.
I would argue the vast majority of weak holders have already been shaken out and all that is left are LONG holders. They have room to further dip because they have been in for a very long time. This could be why we are seeing weaker sell-offs and less pressure downward. It's still early to call and the sell-off may resume, I just wanted to give an update. Happy Trading
Note
It seems like things have developed close to this previous idea. It did fake out downwards but we have seen a big wave up to break that crucial resistance. Now we need to see where the daily candle closes and we should have a good idea of how the next week or two will develop. Interesting times.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.