Always look to the overall long-term trend. While the trend has been clearly up, we're also hitting key resistance levels and seeing BTC struggling at these levels to maintain momentum. It's unlikely to suddenly pick up a ton of steam again and blast through these levels before heading back down to test some lower levels first. This week will be our second weekly doji in the past three weeks, indicating market indecision and stalling of momentum. Tons of longs trapped in above $12,000. Perfect time for bears to show back up once there's confirmation that the market has stalled, and start dumping their bags again to reload them at much lower levels.
Until we comfortably break 14k-15k and invalidate the Gann Fan from the top of the 20k rally, this market is likely to see falling momentum followed by falling prices. Tread carefully, and think about hedging any longs you have here.
Until we comfortably break 14k-15k and invalidate the Gann Fan from the top of the 20k rally, this market is likely to see falling momentum followed by falling prices. Tread carefully, and think about hedging any longs you have here.