A lot of opinions going around about possible downside continuation on BTC. Here's my take:
BTC has very clearly broken its uptrend, seen by the crossunder of price and the SUPER-MA.
Many daily indicators also looking pretty bearish. Doesn't mean much though, since indicators just give us an "indication" and nothing more.
Analysis:
Currently sitting at the daily 100 EMA, which isn't showing particular strength at the moment, I still see a short term relief rally towards the 50 MA coming very soon.
From there BTC will likely get rejected and most likely reject the 100 EMA, moving in the direction of the 200 EMA.
However, since everyone is hoping for 35-42K, and people never get what they think they will, most people will likely get front ran at around 45K (if BTC even dips that low.)
A look into On-chain, shows new and increased accumulation by whales, suggesting that there is still heavy interest behind the scenes .. __ (interpret this as you wish..)
For now, I see it as a NO TRADE ZONE, unless you have a really good algo running or like spending hours scalping around.
For the long term spot, I have personally placed bids at 50k (already got filled), 45k and 42k, and a sneaky stink bid at 20k on an illiquid pair.
Enjoy!
MM
BTC has very clearly broken its uptrend, seen by the crossunder of price and the SUPER-MA.
Many daily indicators also looking pretty bearish. Doesn't mean much though, since indicators just give us an "indication" and nothing more.
Analysis:
Currently sitting at the daily 100 EMA, which isn't showing particular strength at the moment, I still see a short term relief rally towards the 50 MA coming very soon.
From there BTC will likely get rejected and most likely reject the 100 EMA, moving in the direction of the 200 EMA.
However, since everyone is hoping for 35-42K, and people never get what they think they will, most people will likely get front ran at around 45K (if BTC even dips that low.)
A look into On-chain, shows new and increased accumulation by whales, suggesting that there is still heavy interest behind the scenes .. __ (interpret this as you wish..)
For now, I see it as a NO TRADE ZONE, unless you have a really good algo running or like spending hours scalping around.
For the long term spot, I have personally placed bids at 50k (already got filled), 45k and 42k, and a sneaky stink bid at 20k on an illiquid pair.
Enjoy!
MM