And I guess sideways would look like this?
After the bounce, it looks like we're going back to how it was going prior to it.
After the bounce, it looks like we're going back to how it was going prior to it.
Surprising to see most people vote sideways for a change. It's a good sign that people aren't too bullish right now at least, even if maybe they should be a bit more bearish given the current correction.
As for the sideways theory, I'm not too convinced. Once price eventually reaches $25K level, that's looking increasingly likely, it will either act as support or fail imo, rather than any prolonged attempt to hold it as support. I say this as there is a lot of fear in the market right now with what the SEC is up to, even if it doesn't directly effect Bitcoin what so ever, people are still selling regardless it seems.
Personally I still find it more likely for price to re-test around $23K, potentially with a more capitulation style candle/event given the current market sentiment, followed by a swiftly returning back above $25K. Not so dissimilar to $20K correction that quickly returned to $25K. Despite the background noise, I don't see much different so far with the current correction than that of March. The only difference is we haven't seen the quick move to the downside yet, but instead a slow grind downwards with low volume or support, but I think we are getting closer to an increase in volatility in order for lower prices to arrive.
There's a couple of guys who voted for it to go up. It's going to be funny if they're the two guys who got it right.
Well it certainly wouldn't be out the question. Price is only down -5% this month, so ending the month >$27.2K would indeed be an up month, even if potentially not by a lot.
Anyway, I think the couple of sell downs that went to 25.3k could qualify for '25k' as it's more about the range than the actual number with these things. So some room for error is fine imo. But yeah... Things are starting to move up to 26k again with some resistance. Looks like it's not gonna be smooth sailing and your 23k call could happen. :/
I agree that $25.3k could well qualify as testing $25K, as the previous highs were only around $50 less than that. However the issue I currently see is the close below the 200 WMA which will signal caution for many investors, even speculators, at least until it is reclaimed. At present, the $26.3K to $26.5K is now acting as resistance, where the 20 as well as 200 WMA are based, even if the week is still young.
I'd have much preferred a re-test of $25K prior to closing strong back above the 200 WMA, which would have signalled strength in the market. But instead last weeks close only signalled weakness. Hence without the combination of $25K previous resistance turning into new support, along with confirming the 200 WMA as support, I see the next realistic downside target as around $23K, close to the 50 Week MA.
Let's see what happens when US session starts in around 30 mins from now.
I'm not sure this is that relevant at present, as it's only relevant when traditional markets and Bitcoin are correlated, whereas in the past 5 weeks Bitcoin has corrected and S&P has broken to the upside, so there is now a short-term inverse correlation. While this could be a lagging indicator for a Bitcoin break-out in the near future, this still remains to be seen as price continues generally to the downside.
And as we were talking about 25.3k being qualified to be '25k', the real 25k was tested and was broken. :/ If the daily candle doesn't close above 25k - 25.3k and it estsblishes itself as resistance, it looks like BTC could go back down to 19.5k - 20k range.
And I'm not really sure why you're saying support is at 23k because this is what I'm looking at...
