BTC may be due for a pullback. Here is why, and what we need to see moving forward. This isn't necessarily a trade idea, it's more for people wondering if now is a good time to get in, etc.
Personally, I'd wait.
🔴 Why:
There is a major price imbalance/void around $42000. This makes me think twice about taking any long positions. Especially when everyone and their mother is buying crypto right now.
Literally, my 65 yr old mother just bought some last week.
February is ending, typically sentiments move in cycles, this monthly cycle will be over.
Volume - As the price is climbing we are beginning to lose volume. This shows us the banks are really getting involved right now, this is the retail money.
🔴 What we need:
I would like to see price attempt to hit $60k and/or break the high I have drawn, I believe this will trigger people long, and trigger even more fomo+belief from the public.
Then I would like to see a nice move down, this would confirm the banks are selling while the public buys.
If we get that my target will be for the imbalance to get filled.
*STILL NEED MORE DATA TO CONFIRM IF SHORTS ARE IN PLAY*
I will update if BTC approached $60k, right now I'm just watching.
Personally, I'd wait.
🔴 Why:
There is a major price imbalance/void around $42000. This makes me think twice about taking any long positions. Especially when everyone and their mother is buying crypto right now.
Literally, my 65 yr old mother just bought some last week.
February is ending, typically sentiments move in cycles, this monthly cycle will be over.
Volume - As the price is climbing we are beginning to lose volume. This shows us the banks are really getting involved right now, this is the retail money.
🔴 What we need:
I would like to see price attempt to hit $60k and/or break the high I have drawn, I believe this will trigger people long, and trigger even more fomo+belief from the public.
Then I would like to see a nice move down, this would confirm the banks are selling while the public buys.
If we get that my target will be for the imbalance to get filled.
*STILL NEED MORE DATA TO CONFIRM IF SHORTS ARE IN PLAY*
I will update if BTC approached $60k, right now I'm just watching.
