Tear Down the Wall! Tear Down the Wall!
As we move down we are eating away at remaining support levels. Also, buy walls higher up are suddenly disappearing.
Spoofy, is that you?
I have been expecting one further shakeout below 40k at some point and this looks like it could be the one. I believe a last extra strong flush downward would confuse and concern most people into actual panic and reset funding on all these coins enough to kick off the next upward impulse wave.
Weekly RSI also indicates one more move downward and everyone is still overleveraged buying the obvious 40k support bounce. Also the legacy markets are very unstable right now, the dollar hasn't keeled over just yet and may go higher, and for those who believe in the coming bull moon phase, that doesn't suggest that we necessarily go up right away, but rather that price by the end of the phase winds up higher than price at the start of it. And if those aren't enough reasons for you to still be bearish I've got 35,000 more.
The other options are a Wyckoff spring from the bottom of this range, which takes us to new all-time highs - or, a retest of the upper 40k range. I do expect a buying reaction at support, as when the 41.5k buy wall disappeared the 40k wall was bolstered. However, my instincts are telling me right now that we must see a crypto discount day akin to 2018 before we are even ready to retest the next range higher again. The low to mid 35k area was always of interest for me for the bounce, although a technical breakdown target for this descending triangle has us at 34.7k.
Good luck to all of you players. It's time to reshuffle the deck and be given new hands.
Spoofy, is that you?
I have been expecting one further shakeout below 40k at some point and this looks like it could be the one. I believe a last extra strong flush downward would confuse and concern most people into actual panic and reset funding on all these coins enough to kick off the next upward impulse wave.
Weekly RSI also indicates one more move downward and everyone is still overleveraged buying the obvious 40k support bounce. Also the legacy markets are very unstable right now, the dollar hasn't keeled over just yet and may go higher, and for those who believe in the coming bull moon phase, that doesn't suggest that we necessarily go up right away, but rather that price by the end of the phase winds up higher than price at the start of it. And if those aren't enough reasons for you to still be bearish I've got 35,000 more.
The other options are a Wyckoff spring from the bottom of this range, which takes us to new all-time highs - or, a retest of the upper 40k range. I do expect a buying reaction at support, as when the 41.5k buy wall disappeared the 40k wall was bolstered. However, my instincts are telling me right now that we must see a crypto discount day akin to 2018 before we are even ready to retest the next range higher again. The low to mid 35k area was always of interest for me for the bounce, although a technical breakdown target for this descending triangle has us at 34.7k.
Good luck to all of you players. It's time to reshuffle the deck and be given new hands.
Trade active:
Keep in mind that 39.6-40.6k remains a great spot to close shorts and flip long again, at least temporarily. I imagine a bounce from that zone to at least 42k; if this winds up being the spring that takes the market back upward then it will go far higher. The R/R is really good to long in that zone and see what happens. If price pumps, then falls back down to it there is a good chance the bottom is not in. If it pumps and keeps going past several key resistances then most likely we are in for another good ride from btc for the next couple of months.