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Bitcoin Short-Term Outlook
The bitcoin market has seen weeks of gains with only one minor correction (approx. 11/10) and an immediate V-shaped recovery that has brought us to our new all-time-high just short of $8,300. Currently, the chart seems to be showing another correction to come before a possible advance towards the 10k psychological level could take place.
It's my opinion that we should expect a price to fall in the short-term, that would then leave us with an opportunity for re-purchase around the $7000 price level. This would be a great place to open new longs in my opinion.
Rationale:
1) A size-able bear-div has been building since the start of Nov. - indicating the market is becoming "exhausted"
2) Space between Tenken and Kijun is very wide at the moment- in this type of situation we often see price pullback to the tenken
Note: This proposed outlook is only meant for the short-term time frame, mid to long-term I believe the market is bullish.
It's my opinion that we should expect a price to fall in the short-term, that would then leave us with an opportunity for re-purchase around the $7000 price level. This would be a great place to open new longs in my opinion.
Rationale:
1) A size-able bear-div has been building since the start of Nov. - indicating the market is becoming "exhausted"
2) Space between Tenken and Kijun is very wide at the moment- in this type of situation we often see price pullback to the tenken
Note: This proposed outlook is only meant for the short-term time frame, mid to long-term I believe the market is bullish.
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