BTC has 2 competing trends that can be viewed, one VERY bullish and one VERY bearish. Which one will prevail?
The question is not which one, but when will each one prevail. In the short term it looks like BTC has broken the bearish resistance. However, given the economic calamities the world is facing I expect BTC to quickly correct under the bearish resistance.
The bullish support currently rests between $6400 and $6666 (once $7k falls). In the short term it seems BTC will re-approach these mid $6k range before continuing its climb North.
I expect BTC to ping pong a bit between Bullish support and Bearish resistance. Given we've been flirting with Bearish resistance for 3 days it is time to switch and begin flirting with Bullish support (taking BTC from $7200 to $6666).
Remember BTC takes the stairs UP but the elevator DOWN. It may be 10 bullish days and 1 bearish day to erase all gains.
Enough longs should have piled on for it to be worth while for the market makers to shift the price down fairly heavily after 3 days of positive stair stepping form $6900 to $7300.
BTC is still coupled with equity markets and as stocks announce earnings and bankruptcies all week, expect BTC to severely be impacted.
Time frames determine everything. In the short term and based on the economy I am bearish. On BTC as a alternative to currency I am VERY bullish and hold most of my networth in BTC. I am short term BEARISH and long term BULLISH.
The question is not which one, but when will each one prevail. In the short term it looks like BTC has broken the bearish resistance. However, given the economic calamities the world is facing I expect BTC to quickly correct under the bearish resistance.
The bullish support currently rests between $6400 and $6666 (once $7k falls). In the short term it seems BTC will re-approach these mid $6k range before continuing its climb North.
I expect BTC to ping pong a bit between Bullish support and Bearish resistance. Given we've been flirting with Bearish resistance for 3 days it is time to switch and begin flirting with Bullish support (taking BTC from $7200 to $6666).
Remember BTC takes the stairs UP but the elevator DOWN. It may be 10 bullish days and 1 bearish day to erase all gains.
Enough longs should have piled on for it to be worth while for the market makers to shift the price down fairly heavily after 3 days of positive stair stepping form $6900 to $7300.
BTC is still coupled with equity markets and as stocks announce earnings and bankruptcies all week, expect BTC to severely be impacted.
Time frames determine everything. In the short term and based on the economy I am bearish. On BTC as a alternative to currency I am VERY bullish and hold most of my networth in BTC. I am short term BEARISH and long term BULLISH.
The question is not which one, but when will each one prevail. In the short term it looks like BTC has broken the bearish resistance. However, given the economic calamities the world is facing I expect BTC to quickly correct under the bearish resistance.
The bullish support currently rests between $6400 and $6666 (once $7k falls). In the short term it seems BTC will re-approach these mid $6k range before continuing its climb North.
I expect BTC to ping pong a bit between Bullish support and Bearish resistance. Given we've been flirting with Bearish resistance for 3 days it is time to switch and begin flirting with Bullish support (taking BTC from $7200 to $6666).
Remember BTC takes the stairs UP but the elevator DOWN. It may be 10 bullish days and 1 bearish day to erase all gains.
Enough longs should have piled on for it to be worth while for the market makers to shift the price down fairly heavily after 3 days of positive stair stepping form $6900 to $7300.
BTC is still coupled with equity markets and as stocks announce earnings and bankruptcies all week, expect BTC to severely be impacted.
Time frames determine everything. In the short term and based on the economy I am bearish. On BTC as a alternative to currency I am VERY bullish and hold most of my networth in BTC. I am short term BEARISH and long term BULLISH.