Bitcoin is slowly heading towards the January 2018 open.
There are plenty of reasons to be bearish if we take in consideration extent of this bullish rally, the premium basis from Perpetual swaps vs Spot or even what the commitment of trader report suggest. BUT the TREND is still INTACT! there is no significant break from the major high timeframe trends (weekly, monthly and quarterly).
Orderbooks also showing temporary selll (resistance) cluster of orders at 12.1-12.3 in most exchanges. But those could be easly eaten with a momentum push.
But monthly and weekly trends are still looking healthy EVEN if we consider a very possible correction towards 10.1k offering that way a great RR buy entry.
There are plenty of reasons to be bearish if we take in consideration extent of this bullish rally, the premium basis from Perpetual swaps vs Spot or even what the commitment of trader report suggest. BUT the TREND is still INTACT! there is no significant break from the major high timeframe trends (weekly, monthly and quarterly).
Orderbooks also showing temporary selll (resistance) cluster of orders at 12.1-12.3 in most exchanges. But those could be easly eaten with a momentum push.
But monthly and weekly trends are still looking healthy EVEN if we consider a very possible correction towards 10.1k offering that way a great RR buy entry.
D7R
