Bitcoin: bears are about to get fooled.....
Updated
Good morning everyone!
Bitcoin appears to have broken its consolidation down last night and is currently trading below this pattern. What I think is going on right now:
Bitcoin has been in a 100-day consolidation (the yellow lines) and has tried to break out of this several times in the past 2 weeks. The longer the consolidation, the more violent the outbreak. But if there's one thing I've learned as a trader, it's that after a heavy, long consolidation period like this, the breakout never happens without Bitcoin dropping a little fuckery. I expect we are in this fuckery right now. Bitcoin is breaking down and seems to want to find the bottom of the consolidation, however, I don't expect this to happen. The funding rates are once again negative, which indicates that the majority of traders are currently in a short position. This builds up liquidity at the top. I expect that this liquidity will be used to push Bitcoin higher and I therefore expect that Bitcoin will already make its reversal between 66.5 - 67.5.
Don't let emotion make you suffer. We are in a bull market and the next push up is close by.
Bitcoin appears to have broken its consolidation down last night and is currently trading below this pattern. What I think is going on right now:
Bitcoin has been in a 100-day consolidation (the yellow lines) and has tried to break out of this several times in the past 2 weeks. The longer the consolidation, the more violent the outbreak. But if there's one thing I've learned as a trader, it's that after a heavy, long consolidation period like this, the breakout never happens without Bitcoin dropping a little fuckery. I expect we are in this fuckery right now. Bitcoin is breaking down and seems to want to find the bottom of the consolidation, however, I don't expect this to happen. The funding rates are once again negative, which indicates that the majority of traders are currently in a short position. This builds up liquidity at the top. I expect that this liquidity will be used to push Bitcoin higher and I therefore expect that Bitcoin will already make its reversal between 66.5 - 67.5.
Don't let emotion make you suffer. We are in a bull market and the next push up is close by.
Note
Bouncing, get fooled bears :-)Note
69.4K. Never ever short in a bull market. We nailed the entry again!
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