I’m not a huge fan of this price action. We should be rocketing upwards. Makes me a little concerned that the big boys are using this period of what should be massive buying, as exit liquidity. No idea who is actually selling, but if $111K breaks we could be in for a retest of $100K. Hopefully the last shakeout, but things need to start moving faster…
Yep, this is weak price action. I always thought we’d get one last gut wrenching dip that makes us think it’s all over, before we get into the euphoric selling area.
That doesn’t make this any easier though. Anything under $105,000 and I’m going to start thinking the top is in.
Whoever is selling, that includes people here, ******* STOP IT.
I'd say a daily close (I love how much daily closes trigger people here) below $111K would be a major red flag at this point. Sure, I wouldn't officially call an end to the cycle until we dip below $77K, but by then it is too late to sell and people will feel like they have to ride it out another 4 years...
When PlanB updates his S2F model chart and the dot isn't the right color, I could see that kicking off a major selloff as the masses decide the top is in. I'm still hoping for a major jump in the very near future, but I'm beginning to have my doubts.
It's only been a week since the all time high though, so any reaction at this time I would deem dramatic.