One thing I learned in cryptos is speculation doesn't really work. It is so volatile you just have to keep your fingers crossed
Its so volatile its very difficult to be sure but theres certainly trends and phases of more positive action vs negative selling. If thats true, traders should have a bias in their actions towards aiming to go long or not and its worth checking which
I can totally see a retest of 5200, but every dip is being bought so I think it will only be there for a very short amount of time.
If we go to 5k, we would be breaking this support and i'll be stopped out. I've been trading that support with a lot of success.
If we go to 5k, we would be breaking this support and i'll be stopped out. I've been trading that support with a lot of success.
In my experience I would guess the market certainly tests 5000 and if the trend is good then tries to recover from that area after stopping out a certain percentage who had orders to stop loss just below there. It might respect the 5000 area in closing the bar for 4 hours or daily even but actually trade below that price for at least some time and some volume. Only in retrospect it would look like a brief dip below the water before resurfacing and continuing as if fine.
Obviously Im not so smart to know when or if this trend is that strong but I expect it to sell some and check previous pricing, 5000 is as good a place as any and a round number is often support for that simple idea of being flat stated in dollars
My personal expectation if we lose the 200 day moving average, is to then head towards the 50 day which matches other levels of support also. Its a good enough sell to shake out some and allow rebuying & strong rebound from that point again. It depends how much selling we can dislodge at these mid to higher 5k prices, with enough new supply we get an avalanche :p
Bears dont die, they hibernate and wait it out till their food comes around again