Bitcoins pullback may be coming sooner than we thought or atleast i thought, i've thought about it for a bit and came to a likely scenario, if we think about how the major crypto players and whales move markets we could likely assume that we have to be in for a pullback before we takeoff back into our ultra bullish cycle, now a move like this (which is very common) eliminates or shakes out a lot of weak hands and liquidates tons of trade positions, also it really messes with peoples overall emotions when it comes to crypto which is their hard earned money and that can tend to make people make irrational decisions. holding is key remember that. Now to the technical side of things, we are currently right above a weaker support line at almost 44500$ and we are seeing a bearish day and of course bear candle, if this continues and we close off the day with a red candle this gives the bears some momentum, which personally i think will shred right through this support level due to it being weaker. I have a likely path drawn out which might be a bit conservative but we would soon land on the 0.3 FIB level which is a pretty strong support and could definitely hold but again if we think about the bigger players they likely would want more fear for retail investors so we come down to potentially our next level at 38613$ which again is a very strong level that has been around for months now. With the bollinger bands i think if we start to see a pullback the midline of the bb's which act as support will most likely closely line up with the 0.3 FIB, could be wrong but either way i think pullbacks are a blessing especially in times like these, they can provide you with very good entry points. Both the RSI and Stoch RSI are dipping, we are starting to see the blue crossover the orange bearish on the stoch RSI and on both we are in the overbought zones, starting to curl downwards too, definitely think there is something coming and i hope i am right and able to catch it! Not financial advice just my opinion!
