BTC exhaust bulls as institutions watch for a pullback to 42k quickly before finding bids once again. 48k to 60k is a bulltrap. Overbought conditions and lack of volume makes this ripe for a bearish turn. Elon Musk's SNL debut marks the highs for crypto for the time being.
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I'm starting to see more flows into BTC and it can breach 60k. The current stock market conditions is causing flight to crypto possibly in short term.
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It looks like BTC is treated as a tech stock and not so much a "flight to safety" trade. Todays news about Tesla and BTC will not improve the coins ability to breach 60k. In due time, BTC will rollback.
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My thesis still stays true here. BTC is currently in oversold levels so expect a bounce near 40k ish which forms the C channel. Depending on the volume, I expect between 40-48k range.
