Everyone is suddenly turning bullish while BTC 0.94% did not fully retrace yet to 6.9k to meet its play by the book. What we can observe is that we are closing to the end of the rising wedge which correlates which the 0.618 resistance.
If we look and the Long Term, BTC 0.94% did not fully retrace yet and that's one more indication that "6.9k is needed" in order to get a proper bull market. On top of that the volume has been consistently declining since the end of the short term uptrend at 9.6k.
@Netromforlife, Thanks a lot. At the ends it's a question of odds let's see how it plays out ;)
hiddenpablo
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Nice one.
Alteroc
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@hiddenpablo, thanks a lot :) It's always to see a pattern complete even tho I would prefer a 20k BTC!
hiddenpablo
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@Alteroc, I couldn't believe breaking down-trend line from 9.9k, now I have to ;]
Alteroc
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@hiddenpablo, It's tough to accept what the chart is telling you and not wanting us to be right regardless of market moves
hiddenpablo
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@Alteroc, My charts weren't telling me that, I have just seen something else: bouncing from 9.9k's - downtrend line, not crossing it ;)
Movali123
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It’ll go deeper than 6.9k, we might see small retracement but the end game for bears will be to form a new low. Smart money will flow in when the low prices are Met. Low volume, little waves up and down, hardly attractive for cryptos right now.
Alteroc
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@Movali123, Maybe a 6.6k but I don't see it going lower than that. Also because the sell volume is decreasing, the bear market starts to loose steam I think. Plus the mining cost of BTC.
Movali123
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@Alteroc, maybe...people keep talking about mining costs but a flash down to 5.5k and then back up seems more likely. Theres just no momentum upwards. The sell volume is decreasing right now but only because we shot down from 9k so quickly, it needs to re test its broken support areas. If it breaks 8.5k strongly i will retrace on my thoughts.