Bitcoin - The Calm Before the Storm
The , momentum, and time we took to get here has reached a feverish pitch. How do we get to $6,500 and $7,500 under current velocity? It seems as hard as trying to climb the last few thousand meters of Everest.
The reality is the pattern we are within since the original bump to $5800 is a . The pattern at $5900 - $6200 was an , which brokedown, and formed an even steeper , which is quickly running out of steam, , and momentum. It is already within the oversold area of Willy21 while price can barely hold $6000, and WWV shows that all those coins that were bought on the way up are like an avalanche waiting to be triggered.
We closed the 4H, 12H, and Weekly candles below $6,000. The pump ran out of steam and things are quiet. This is not a good sign. In order to maintain parabolic price movement and gains you must maintain parabolic . With the majority of the market losing money every movement, that is exceedingly more and more difficult.
What goes up, must come down. OBV indicates that the upward momentum is genuinely having an exceedingly difficult time
The terrifying reality of where we are right now is we visited $5100 only 4 days ago. If this pattern breaks down and falls through the cloud the real panic will first have a chance to bounce at $4850-$4950, our previous ATH . Failing that we will be facing prior resistance line at the $4,600 range.
In my opinion, it is exceedingly difficult for Bitcoin to maintain its Northern movement without a shakeout and a reset.
FOMO is your enemy. Remember, this is Bitcoin . Bitcoin is a raging long-term bull, but it cann't go straight up.
Sorry for the ugly chart. Scrolling in and out left some things in odd places, although that price line was just my bad.
First nuke detected. In my opinion, it's a stop hunt. Volume on those dumps were actually quite low on Finex. I believe we'll see a bit more stop hunting before the nukes really come.
Shorting comes with considerable risks here. It is Bitcoin and Bitcoin can do anything. A real breakout to 6.5k _is_ possible here, so set a stop.
Not looking good. Be weary of buying the dips, but it is curious that we've only dipped this far.
We could see a slow slide for a while and a smaller run up to make people forget where we are before real dumps begin.
Watch for a breakout in the purple box and be _very careful_ of bull traps.
One should never panic. If you liquidate your core position and it bounces you will buy back in at a loss.
If you are worried. Sell say 25-50% of your position on the next bounce and resolve to buy back above $6,100 if it reverses.