Read on Twitter
1/ This is where I think we are on the 4H. #bitcoin 
is building a pennant of impressive size (almost $14k at the widest point).
Until now price has been rejected by previous supports turned resistances.
Also, I don't like to see so much rising volume on falling price.
$BTC
is building a pennant of impressive size (almost $14k at the widest point).Until now price has been rejected by previous supports turned resistances.
Also, I don't like to see so much rising volume on falling price.
$BTC
2/ second issue, I think we have to wait for this trend to reverse before expecting substantial increase in price.
Stablecoins have exited exchanges consistently in the last 30 days, meanwhile #bitcoin outflows have slowed down.
Stablecoins have exited exchanges consistently in the last 30 days, meanwhile #bitcoin
outflows have slowed down.
3/ I give it a double-not-so-good interpretation.
I read it as many people are selling $BTC for stablecoins and at the same time they're withdrawing those funds from exchanges. Like they don't expect the market to recover in the next few days.
Hope to be wrong.
I read it as many people are selling $BTC for stablecoins and at the same time they're withdrawing those funds from exchanges. Like they don't expect the market to recover in the next few days.
Hope to be wrong.
4/ Both on the weekly and monthly $BTC is hot.
I think the path showing on the weekly would be the optimal option. In fact I now believe that we're going to AT LEAST fake out the pennant to the downside.
Bounce at $27k-$28k?
Note: my RSI overbought level is set at 95.
I think the path showing on the weekly would be the optimal option. In fact I now believe that we're going to AT LEAST fake out the pennant to the downside.
Bounce at $27k-$28k?
Note: my RSI overbought level is set at 95.
5/ Back on the daily, a drop down to ~$27k would also mean a 0.618 retracement of the post-ATH-breakout rally.
The RSI would also catch up with the trendline starting on last March crash.
The RSI would also catch up with the trendline starting on last March crash.
6/ Next my biggest worry.
Another big correction in stocks could lead to a second liquidity event and crypto would feel the hit since almost every investor is in high profit.
https://twitter.com/bullmarketsco/status/1347143909026258945
/end
Another big correction in stocks could lead to a second liquidity event and crypto would feel the hit since almost every investor is in high profit.
https://twitter.com/bullmarketsco/status/1347143909026258945
/end
