Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
*Fun with fractals*
A re-test of old resistance becoming new support? Sounds short-term bearish I know, but in fact it'd be extremely bullish to build up momentum as recent price history has previously proven....
A re-test of old resistance becoming new support? Sounds short-term bearish I know, but in fact it'd be extremely bullish to build up momentum as recent price history has previously proven....
You are trying to draw a potential short-term bearish picture out of the matter, even though bitcoin is very bullish, as your alternative assertion seems to suggest as the minority likely outcome... We are bullish, so something is likely wwwwwwwwwrrrrrrrrooooooonnnnngggggg with your bearish anticipatenings.
Let's wait and see
For sure, we both no doubt agree Daily/Weekly are bullish, but 4hr chart for all those traderz out there is no longer bullish. It's not outright *bearish*, but key bullish momentum has been broken.
Hence, not shorting opportunity bearish (unless you love high risk and regularly getting rekt™), but more bullish momentum has faded "take profits" neutral, wait for re-entry.
Getting rejected by the 50 MA, VPVR point of control, wedge resistance trend-line as well as previous long-term resistance trend-line, will likely bring prices down to $57K.
The confluence of resistance is strong. Obviously breaking above would be bullish, but confirming a rejection would indicate a short-term correction is likely.
That 50 MA has supported the price since $43K, price first broke and closed below it at $62K. Now it sloping downwards (bearish) and price is getting rejected by it.
Since when were there not healthy corrections in ultra bullish long-term bull markets anyway? Never...