Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
For all the WO bulls out there, those wearing the silly caps and posting almost exclusively in one thread, here are my current concerns.
I'm not bearish yet, the $17.9K support level still needs to be broken by the bears with confidence and follow through. There's a good chance we bounce from the 21 Day MA again (blue line, bull trend moving average) like we did a few days ago, creating a textbook bullish higher low. But if we don't, and we end up back at $16K, it's not going to be pretty.
I'm still 95% in. Ironically the 3.5% I sold at $18K from the previous break-down I now no longer need due to a tax based administrative error
It does mean that capital is now back in the order books trying to pick up a wick on a low liquidity exchange pair
It's soon time for strong hands. If you need to sell a % or two to make you feel better about a correction that could go as deep as 25-35% ($13-15K), now is the time to think about it.
Then why don't you sell now and buy back at enormous profit. Just imagine...you can double your stash and be able to afford a "SILLY HAT"of your own After a month of price being overbought, we have now confirmed a rejection from returning to overbought levels. While price remains in bullish territory, a break below 55 could see a re-test of bearish price strength:
I'm not bearish yet, the $17.9K support level still needs to be broken by the bears with confidence and follow through. There's a good chance we bounce from the 21 Day MA again (blue line, bull trend moving average) like we did a few days ago, creating a textbook bullish higher low. But if we don't, and we end up back at $16K, it's not going to be pretty.
I'm still 95% in. Ironically the 3.5% I sold at $18K from the previous break-down I now no longer need due to a tax based administrative error
It does mean that capital is now back in the order books trying to pick up a wick on a low liquidity exchange pair
It's soon time for strong hands. If you need to sell a % or two to make you feel better about a correction that could go as deep as 25-35% ($13-15K), now is the time to think about it.
