Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Bitcoin is starting to feel like a coiled spring. Bears have gotten some balls to short these levels and the big boys are accumulating. I don’t think we’ve seen the end yet. One more quick dive down might be helpful in the long run to close out some leveraged longs before taking the next step, but a flash downward met with heavy buying would be a signal to me that $100K+ is still in the cards for 2021.
In the midst of a pennant snap for sure I would say. Its going to have to break $35,000 to get to $38,000 and going the other way it will need to get past $28,000 to get to $25,000. A flash crash under $27,500 would close that shoulder and certainly add fuel to the fire for aother all time high potentially this year. It could go the other way as well, the dip under $30,000 is not recovered from and we slide into a prolonged bear market until the next halving. Its a thin flip either way in my opinion. Where the train is going long term should be obvious to any who care to take a look.
