Well, that was intense. Let's get right to it.
I like the recovery so far, but we have some work to do on the price action front.
The good: The RSI is ahead of the price, the MACD is rolling over to the upside, and we have a little support around the 52k area.
The bad: That was a helluva selloff, so there could be some residual shakeout action, but I'd be surprised if we revisit sub-50k in the short-term, although today's action could keep us in the 50's longer than most anticipated.
I'm watching all the circles on the chart closely. Also keeping an eye out for anymore crazy on-chain developments.
Let's hope bitcoin's sneeze doesn't lead to the flu. I've said it before, but it bears repeating - don't forget that low liquidity due to a lack of sellers at these new highs, also means there's likely a greater distance between buy orders during a selloff. This volatility is exaggerated on more illiquid exchanges, so be prepared to manage that risk.
The buyers showed up, and will likely do so again, so I'm cautiously optimistic here.
Stay safe out there!
I like the recovery so far, but we have some work to do on the price action front.
The good: The RSI is ahead of the price, the MACD is rolling over to the upside, and we have a little support around the 52k area.
The bad: That was a helluva selloff, so there could be some residual shakeout action, but I'd be surprised if we revisit sub-50k in the short-term, although today's action could keep us in the 50's longer than most anticipated.
I'm watching all the circles on the chart closely. Also keeping an eye out for anymore crazy on-chain developments.
Let's hope bitcoin's sneeze doesn't lead to the flu. I've said it before, but it bears repeating - don't forget that low liquidity due to a lack of sellers at these new highs, also means there's likely a greater distance between buy orders during a selloff. This volatility is exaggerated on more illiquid exchanges, so be prepared to manage that risk.
The buyers showed up, and will likely do so again, so I'm cautiously optimistic here.
Stay safe out there!