The BTC chart nobody wants to see right now
Updated
As a turbo bull myself, im staring at this thinking, how many monthly candles of vertical pump can we expect before it tips over and corrects itself? Honestly.
If we look at volume we can see its clearly slowing down, meaning most people are already bought in and hodling and the influx of fresh buyers arent enough to sustain these prices.
Most rich people/companies that come in dont buy spot price on your average exchange, they are buying over the counter and are handed btc instead of going through order flow.
OBV is also showing lower high's (so far)
Lets also hope that the DXY doesnt show a pump trend from this wedge(which usually is inverse correlated to commodities)
For this pump to continue we need to see april candle breaking previous high and sustaining it, we need increasing volume coming in from buyers or I actually think this will start to go down abit.
Fib target puts us at 29-40k area, where January peak volume is also around that area so its more probable that it should hold.
So "worst" case scenario is 30-40k but still bullish bias.
If we look at volume we can see its clearly slowing down, meaning most people are already bought in and hodling and the influx of fresh buyers arent enough to sustain these prices.
Most rich people/companies that come in dont buy spot price on your average exchange, they are buying over the counter and are handed btc instead of going through order flow.
OBV is also showing lower high's (so far)
Lets also hope that the DXY doesnt show a pump trend from this wedge(which usually is inverse correlated to commodities)
For this pump to continue we need to see april candle breaking previous high and sustaining it, we need increasing volume coming in from buyers or I actually think this will start to go down abit.
Fib target puts us at 29-40k area, where January peak volume is also around that area so its more probable that it should hold.
So "worst" case scenario is 30-40k but still bullish bias.
Note
BTC dominance also slowing down whilst total crypto marketcap goes up, I reckon we will see some alts pump and btc go down(unless btc drags everything down).Note
Short term price action, need to break above the high or its bearish Note
monthly candle is green, easy bullish until it geos below previous wick! If buyers come in breaking previous ATH then it should be pumpish anywayNote
trading this triangle long with stoploss below
Note
being long continues to be a good position but volume is lacking to be super confident, breaking ATH and monthly is still green, so far so good!
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