The trap is thinking 10k was the trap
Bearish engulfing on the daily; you scared?
This write-up will will discuss the price action leading up to the cross of $10,000. It was not like ever before. Previously, when BTC crosses 10k, things speed up...fast. instead, we saw btc dribble up with bearish divergence on ALL time scales. Buyers were exhausted before 10k, as I discussed in my previous idea.
It is possible that market participants were extremely bullish on Bitcoin, while side-liners were waiting for a pull back. Perhaps, as Bitcoin pulls back, we see new participants pull the trigger, crippling the supply at 10k. These are just ideas. The best way to evaluate btc is from the monthly candle as this may suggest more about the future of Bitcoin in 2020 than a daily bearish engulfing candle.
This write-up will will discuss the price action leading up to the cross of $10,000. It was not like ever before. Previously, when BTC crosses 10k, things speed up...fast. instead, we saw btc dribble up with bearish divergence on ALL time scales. Buyers were exhausted before 10k, as I discussed in my previous idea.
It is possible that market participants were extremely bullish on Bitcoin, while side-liners were waiting for a pull back. Perhaps, as Bitcoin pulls back, we see new participants pull the trigger, crippling the supply at 10k. These are just ideas. The best way to evaluate btc is from the monthly candle as this may suggest more about the future of Bitcoin in 2020 than a daily bearish engulfing candle.
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