Quote from: Majormax on Today at 08:37:27 AM

10000 is technically the traders perfect shorting point, because there is another harder resistance just above. Whether it breaks or holds we will see.

Oh my!!!!

Good luck with that. You will likely need it.

I don't doubt that there is a decent amount of incentive for profit taking at these levels; however, there still seems to be little to no convincing narrative suggesting that there is a need for down before up.

So, yeah, I agree that in less than 2 months, BTC prices have large gone from $3,850 to $10,074 without any meaningful correction, but I doubt that the purported resistance in the $10k to $14k territory is as strong as you are making it out to be, and surely it could take up to a year to break through $14k, but I am having a lot of doubts that it is even going to take that long.. and surely at some point soon, we are likely to have $10k as support rather than resistance... and not bad odds that such $10k as support happenings will take place within less than a year... we will see... we will see.

Quote from: exstasie on Today at 09:24:00 AM

Quote from: Majormax on Today at 08:37:27 AM

Quote from: chunglam on May 08, 2020, 11:47:46 PM

New comment from masterluc -
May 8: In a case of new higher high (higher than 13 Feb 2020 ~ $10500) any bearish scenario will be invalidated.

Yes.. That has been the case for 3-6 months. 10500 was rejected twice and now forms the toughest resistance point.

10000 is also in the process of testing, and if it is rejected, then the bearish scenario is intact for some time.

10000 is technically the traders perfect shorting point, because there is another harder resistance just above. Whether it breaks or holds we will see.

Bears don't look impressive yet, but it's possible we're slowly forming a multi-day top similar to August 2019 or February 2020.

Sentiment has turned strongly bullish with all the halving hype. Bitfinex longs outnumber shorts 4.66 to 1 now. Bitmex swaps are consistently holding above spot, the Fear & Greed index is showing "greed." I'm afraid to even predict a bearish outcome because going down feels impossible (a top indicator in and of itself).

I'm a big believer in maximum pain theory, and with sentiment this bullish, it's beginning to feel like the direction of maximum pain is down, not up.

I've closed my longs. Time to let the bulls and bears fight over $10K, and $10.5K. I want to be ready for a shakeout like June 2016, July 2017, September 2017, May 2019, etc. especially after 8 green weekly candles.

Gosh... hard to disagree with any of this....

By the way, this weeks green candle has not closed, yet, and that would be the 8th one.... It is likely to turn out green, since we only have about 30 hours before it closes and as long as the BTC price (talking bitstamp, here) is above $8,930-ish, this week's candle will be green.