Are we Bulls again?
Short-term I'm not convinced this bounce will create a new high. Closing the day above $21.3K could change my mind though, as this would be above the previous highest close of November. Likewise closing the week above $20.9K would also achieve this same affect as this was previous highest weekly close. At least now after some consolidation there's room for the Daily RSI to return to 90 in the $22K-$23K range it seems.
For the immediate term I'm back to being neutral while price consolidates between $20.5K and $21.5K. I think that's the sensible/conservative approach for the moment. Still only looking for a(nother) short-term short position though while price remains overbought, but clearly not while price is moving back to the upside. Correction to around $19.5K before further upside would be healthiest scenario imo.
Your post did not age too well, so hopefully, you did not put too much on that short. Otherwise you will end up in the gutters with TrustedBitcoiner.. and will any of us HODLers remember who you were, once?
Well the move did take me by surprise, can't argue there. Was only eyeing up another short as I said but it didn't present itself, price just kept on moving upwards. The irony being that I did scalp a long trade from $20.8K but took profits too early. Not convinced I was too much off the mark though, I saw the possibility of price reaching $22K to $23K if there was to be no rejection back at the highs - and bingo.
Now it's time to scalp some long trades I think. If price comes back down to $21.5K that will be one hell of an entry for a swing trade imo though.
If I have to describe in one sentence the price action in 2019 and 2020 it would be "The battle for 10K". I'm just curious which will be the new 10K for 2023 and 2024 - 30K, 40K or even 50K? My guess is 40K.
Mine too re: $40K. My 2019 "$6K previous support turned resistance" price would be around $30K, for obvious reasons. A level that will now likely be broken with ease due to lack of volume traded there compared to lower levels. One thing I am liking is how little supply there is available on exchanges. Yesterdays 7% move was considerably less volume than the 5% daily moves previously. We're back in relatively low volume territory again now it seems Profit taking aside, there aren't many left who will be selling at a loss. With $19K to $21.5K accumulation zone cleared the hard part is already done.