🧯Did Dave Portnoy put the fire out on the Bitcoin rally?
Updated
From its March low of $3,800 Bitcoin $12,450 (223% gain).
From what I see from the chart it seems like the rally is slowing down.
There is bearish divergence on the daily chart which I have shown in my chart and lack of volume backed up by the RSI.
Gold is also in its corrective phase,the rally in the US stock market is running out of steam, and on top of that the US cannot agree to a new stimulus deal.
The icing on the cake was that Dave Portnoy is out of Bitcoin, in a recent tweet he said there is easier money to be made in the stock market and is now making fun of the sector.
Bitcoin CAN go higher from here, but from looking at the chart and maco data, it seems like a correction is most likely the next step, which is a good thing to shake out weak longs.
Using FIB along with past support/resistance + psychological levels, the areas to buy dips would be:
We could drop below $10,000 and if this is a corrective time for Bitcoin we most likely will, but I have a feeling we won’t be below $10,000 for too long if we do.
Have a comment about Bitcoin? Leave a comment below.
From what I see from the chart it seems like the rally is slowing down.
There is bearish divergence on the daily chart which I have shown in my chart and lack of volume backed up by the RSI.
Gold is also in its corrective phase,the rally in the US stock market is running out of steam, and on top of that the US cannot agree to a new stimulus deal.
The icing on the cake was that Dave Portnoy is out of Bitcoin, in a recent tweet he said there is easier money to be made in the stock market and is now making fun of the sector.
Bitcoin CAN go higher from here, but from looking at the chart and maco data, it seems like a correction is most likely the next step, which is a good thing to shake out weak longs.
Using FIB along with past support/resistance + psychological levels, the areas to buy dips would be:
- $11,200 – we can see the price has bounced off here a few days in the last month, Bitcoin being Bitcoin I suspect it will correct a little further than this.
- $10,500 – is the next level, again we have touched this line before shooting off ineariler in the month
- $10,000 – we could end up retracing the entire leg up which would not surprise me, I would be adding
We could drop below $10,000 and if this is a corrective time for Bitcoin we most likely will, but I have a feeling we won’t be below $10,000 for too long if we do.
Have a comment about Bitcoin? Leave a comment below.
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Targets hit.
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