Has Bitcoin done rallying?
Analysis is based purely on price action and TA.
If Bitcoin plays out as 'it should be', I believe the local top for bitcoin for 2023 will be ~39k.
Unless more structure is broken downwards, the supposingly 12k bottom that everyone has been bidding on will be unlikely. 25k will be a very good layer to DCA in for the bigger picture.
However, we might have a chance to see the 15k area again. According to the price action back in 2018/2019, cloning that to the current price action, 39k will be the local top (as mentioned above) THEN I would expect a hard retracement to 15k again. there will be a lot of smart money at 33k that will exit the market. 33 to 39 will be the retailers, then will be flushed out by the retracment to 15k
Leverage wise, I will be opening some small short positions here targetting the 25k area.
This is the story that I will be sticking for now. Have fun
If Bitcoin plays out as 'it should be', I believe the local top for bitcoin for 2023 will be ~39k.
Unless more structure is broken downwards, the supposingly 12k bottom that everyone has been bidding on will be unlikely. 25k will be a very good layer to DCA in for the bigger picture.
However, we might have a chance to see the 15k area again. According to the price action back in 2018/2019, cloning that to the current price action, 39k will be the local top (as mentioned above) THEN I would expect a hard retracement to 15k again. there will be a lot of smart money at 33k that will exit the market. 33 to 39 will be the retailers, then will be flushed out by the retracment to 15k
Leverage wise, I will be opening some small short positions here targetting the 25k area.
This is the story that I will be sticking for now. Have fun
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