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In the weekly chart I trust...
If we look at the weekly chart we can see the clear pattern since our peak to 14K. We go down, touch the bottom of the channel, have a quick reaction rally back up to the top, get all the retail traders really bullish, get a fake-out wick to the upside, and then come back down.
Of course, silliness ensues and people start assigning ridiculous fundamental narratives to each rally: China, war with Iraq, etc..., which only seems to validate them and excite retail traders even more to suck them into a trap. Nothing is related to those rallies. It's just Bitcoin doing its thing per the whales and market makers.
We've now had our third fake-out wick to the upside. Why should this time be any different? We did break the 200 SMA on the 4-day and have now come back to retest it and found support - that's bullish. But... Unless next week's candle is green, we are just doing the same thing yet again and should expect to revisit the bottom of the channel.
Of course, silliness ensues and people start assigning ridiculous fundamental narratives to each rally: China, war with Iraq, etc..., which only seems to validate them and excite retail traders even more to suck them into a trap. Nothing is related to those rallies. It's just Bitcoin doing its thing per the whales and market makers.
We've now had our third fake-out wick to the upside. Why should this time be any different? We did break the 200 SMA on the 4-day and have now come back to retest it and found support - that's bullish. But... Unless next week's candle is green, we are just doing the same thing yet again and should expect to revisit the bottom of the channel.
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