Near Term Bullishness Before The Next Decline
Bitcoin is expected to flip bullish near term. This would be the perfect play to shake out the large number of bears that are anxiously waiting for the price to fall below 6.6k. We have observed in the past two weeks that a large number of traders have become far too confident in their bearish bias. This might be a time where we could see much of that complacence turn into pain for the majority of retail bears, especially those that trade without a stop loss.
It is important to realize that BTC/USD might flip bullish near-term but it still risks a decline to much lower levels long-term if and when it closes below 6.6k on the daily time frame. For now, we expect a move towards 7k and higher.
It is important to realize that BTC/USD might flip bullish near-term but it still risks a decline to much lower levels long-term if and when it closes below 6.6k on the daily time frame. For now, we expect a move towards 7k and higher.
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.