Pretty easy comparison here. Volume fits, albeit was definitively higher (on this slow bleed). Daily RSI fits. Really liking the V bounce on 1H. I interpret it as a failed attempt at inciting a panic selloff.
This failure trends in-step with the type of investor in the market currently (in my opinion). This investor didn't get into BTC because of CNBC or Fox News. They got involved, bought the lows, and has a longer investment horizon.
Confirmation should be a large breakout within the next 8 hours. Aside from that, I think we consolidate more. The market has not shown a willingness to panic sell, thus I think the "dip" we just experienced was the best long entry we will get below 9k.
This correction was very healthy in my opinion, and gave us a chance to test support. The bounce at ~$8,420 showed that we built buy pressure above our last textbook support range of $8,000 - $8,200, which is very bullish.
I will note the following: if we do not paint a higher high soon, it could entice profit taking.
This failure trends in-step with the type of investor in the market currently (in my opinion). This investor didn't get into BTC because of CNBC or Fox News. They got involved, bought the lows, and has a longer investment horizon.
Confirmation should be a large breakout within the next 8 hours. Aside from that, I think we consolidate more. The market has not shown a willingness to panic sell, thus I think the "dip" we just experienced was the best long entry we will get below 9k.
This correction was very healthy in my opinion, and gave us a chance to test support. The bounce at ~$8,420 showed that we built buy pressure above our last textbook support range of $8,000 - $8,200, which is very bullish.
I will note the following: if we do not paint a higher high soon, it could entice profit taking.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.