Looks like BTCUSD has a decision here to make.
Right now, we are looking at an attempt to break back into the ascending channel that we have held the entire bullrun so far.
This converges with some thick MA lines as well, as you can see in the chart. They are resistance as of this writing.
So we either will break above, bounce back down to retest support and then continue going up...
--- OR ---
We will fail to break above, and head back down.
Personally I was expecting at least 45k BTC retracement before this correction is "over".
Given the low volume on the pump today, I believe we are still going to see some accumulation and shake-outs of weak hands in the days and weeks to come before we head back up over 65k and on towards 80-86k.
Is it a good time to buy bitcoin?
Its ALWAYS a good time to buy bitcoin....no but seriously, its a good idea to buy some now IMHO.
If we break up, you got in - if we break down, buy more.
Another possibility is that the parabolic run needs time to cool off and we'll be going sideways for a month.
This would allow WEEKLY chart moving averages to catch up and that would make for a much healthier bullrun as well.
I would not trade short or long at this point.
The short will be _short_ lived :) - and a long might still get liquidated with some upcoming downside.
Right now, we are looking at an attempt to break back into the ascending channel that we have held the entire bullrun so far.
This converges with some thick MA lines as well, as you can see in the chart. They are resistance as of this writing.
So we either will break above, bounce back down to retest support and then continue going up...
--- OR ---
We will fail to break above, and head back down.
Personally I was expecting at least 45k BTC retracement before this correction is "over".
Given the low volume on the pump today, I believe we are still going to see some accumulation and shake-outs of weak hands in the days and weeks to come before we head back up over 65k and on towards 80-86k.
Is it a good time to buy bitcoin?
Its ALWAYS a good time to buy bitcoin....no but seriously, its a good idea to buy some now IMHO.
If we break up, you got in - if we break down, buy more.
Another possibility is that the parabolic run needs time to cool off and we'll be going sideways for a month.
This would allow WEEKLY chart moving averages to catch up and that would make for a much healthier bullrun as well.
I would not trade short or long at this point.
The short will be _short_ lived :) - and a long might still get liquidated with some upcoming downside.
now get ready....