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BTC on sale? Buy opportunity o just OMICRON still pushing down? Today I woke up to find out that BTC was going down again. Since late November, we haven't seen a clear bullish trend. A lot of factors are related to this from my point of view. OMICRON, Black Friday, J. Powell... etc. It makes me wonder, WHAT IS GOING ON? maybe it is just another chance to buy the deep. It keeps fighting hard around the 50% FIB and the price is touching the 128 MA wish is a historically strong support level. Let's see what's going to happen. I believe the bullish trend is still there, only we saw a few uncanny weeks with some bearish fundamentals, but our levels of support are still there, firm as always!
BITSTAMP:BTCUSD
by TradersJournal
BTC - trying to flip 58-59k resistance to supportIt's weekend and usually we don't see any significant price action during it. BTC is currently oversold and we could expect some bounce back to retest breakout point. This structure is reminiscent of last distribution before big dump to 30k (maybe it's not coincidence). At this point I see BTC next week at 62-63k level to retest break down zone. Too many longs are liquidated, it's to early for big upside action. 2w consolidation or even another leg down to 50-52k (wick even lower under 50k wouldn't surprise me). Take a look at last BTC distribution before big dump to 30k. It is very similar to current situation. Don't get to bullish and FOMO until we reclaim 66k level. BTC long/short ratio is still too high (dumped to 20:1, now it is 30:1). I believe whales would like to reduce it under 10:1 to load up and clean all others. I will risk 20-30% of portfolio at 62-63k levels and sell in hopes of another leg down to load up even more for next bullish targets. That's why I might have to buy at higher levels but I'm ready to risk. You should DYOR and decide for yourself. If you like analysis please consider leave a like or comment! Thanks!
BITSTAMP:BTCUSD
by Philippe_0x