BitcoinUpdated BTC: Moon Dream *Hypo* -(I'm skeptical)
Note the current candle pattern similarities between where we're at now & the June 20th, '19 parabolic run-up.
After about a week of ranging & scraping the 9k psychological ceiling, we've finally broken through. Now, I still think it'll revisit the 4k dip (when, however, is a dif story). That said, I do have to consider that this is an irrational & fundamentally unpredictable market. Who tf knows which direction it'll go. So here's an alternative to my disaster scenario: Moons & Lambos (eye roll).
We still haven't broken the macro downtrend imo, despite this continuing run-up (note: yet to revisit 7.7 after going 7.7 -> 9.4 in a short period). All we need for a real bulltarded pump to previous heights is legitimate FOMO to kick in. The "halving moon prophecies" could very well end up being self-fulfilling. Best bet is to arbitrage, as always imo. Should be able to catch one hell of a ride once direction breaks.
I am short right now because of the historical resistance at this level. If 9.7 breaks & doesn't immediately retrace, 10k's blood will likely be in the water quick. Price action is currently healthy above 9.2, I expect to see dips to 9.140/9.089ish by EOD purely because of how choppy this range has been. Ranging 8.5-9.5 may still be far from over.
Lastly, & more importantly, we can all look forward to some great volatility. Careful trading this chop, it's a killer.
After about a week of ranging & scraping the 9k psychological ceiling, we've finally broken through. Now, I still think it'll revisit the 4k dip (when, however, is a dif story). That said, I do have to consider that this is an irrational & fundamentally unpredictable market. Who tf knows which direction it'll go. So here's an alternative to my disaster scenario: Moons & Lambos (eye roll).
We still haven't broken the macro downtrend imo, despite this continuing run-up (note: yet to revisit 7.7 after going 7.7 -> 9.4 in a short period). All we need for a real bulltarded pump to previous heights is legitimate FOMO to kick in. The "halving moon prophecies" could very well end up being self-fulfilling. Best bet is to arbitrage, as always imo. Should be able to catch one hell of a ride once direction breaks.
I am short right now because of the historical resistance at this level. If 9.7 breaks & doesn't immediately retrace, 10k's blood will likely be in the water quick. Price action is currently healthy above 9.2, I expect to see dips to 9.140/9.089ish by EOD purely because of how choppy this range has been. Ranging 8.5-9.5 may still be far from over.
Lastly, & more importantly, we can all look forward to some great volatility. Careful trading this chop, it's a killer.
Note
Looking cute, might have to flip. Still wary, but daily looks like 11.2 is inbound very soon.
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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.